Last updated on February 28th, 2025 at 04:40 pm
Ripple Labs has partnered with South Korean digital asset custody provider BDACS to enhance institutional custody services for XRP and Ripple USD (RLUSD). This collaboration will allow BDACS to incorporate Ripple Custody, enabling financial institutions in South Korea to store XRP, RLUSD, and other digital assets securely.
Monica Long, president of Ripple, emphasized the significance of secure custody solutions as institutional interest in crypto continues to rise. Stating,
“South Korea is gearing up for a wave of institutional crypto adoption — very excited for Ripple Custody to plant another flag in APAC with BDACSKorea for XRP and RLUSD.,”
The partnership supports South Korea’s Financial Services Commission (FSC) roadmap to regulate and promote institutional involvement in the crypto sector. Ripple aims to enhance the XRP Ledger (XRPL) ecosystem, improve RLUSD usability, and leverage synergies with Busan’s blockchain regulation-free zone.
Harry Ryoo, CEO of BDACS, highlighted his company’s dedication to securing institutional crypto adoption.
“BDACS will provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem,”
he said.
Ripple Custody projects that the total value of custodian cryptocurrencies could reach $16 trillion by 2030. In addition to its partnership with BDACS, Ripple Labs has introduced a new roadmap for institutional decentralized finance (DeFi) on the XRP Ledger blockchain.
The proposal features a permissioned decentralized exchange (DEX), a credit-based DeFi lending protocol, and a new Multi-Purpose Token (MPT) standard. These innovations will enhance existing XRPL infrastructure, like price oracles and an automated market maker, to promote institutional involvement in DeFi.
Notably, Ripple recently launched the XRPL Japan and Korea Fund on June 11, 2024, to foster innovation on the XRP Ledger (XRPL). The fund focuses on forming partnerships with major companies in Japan and Korea, aiming to integrate XRPL into their operations and explore its applications across different industries.
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