In an exciting new development, Ripple, the eminent blockchain technology company, has revealed that it’s forming a partnership with BDACS, a well-known digital asset custody company in South Korea. The strategic collaboration aims to advance institutional-grade custody services and broaden the scope of the digital asset ecosystem in South Korea, with a particular emphasis on XRP and RLUSD.
Ripple Forms Strategic Partnership with BDACS
Ripple’s President, Monica Long, expressed her excitement about the developments and anticipated a significant growth of crypto interest in South Korea. She stated, “South Korea is readying itself for a surge in institutional crypto adoption. We’re thrilled for Ripple Custody to partner with BDACS for XRP and RLUSD. The need for secure, institutional-grade custody technology is crucial, especially as enterprises get ready to handle the expected crypto interest.”
This partnership comes in the wake of the roadmap recently released by the Financial Services Commission (FSC) for regulatory approval of institutional participation within the digital asset market. Ripple and BDACS plan to leverage this to facilitate the growth of developers and the wider ecosystem related to XRPL, introduce more use cases for Ripple’s stablecoin RLUSD, and tap into opportunities present within Busan’s blockchain regulation-free zone.
BDACS Chief Executive Officer, Harry Ryoo, is optimistic about the partnership and believes it will be beneficial in terms of enhancing and expanding the digital asset ecosystem. He said, “BDACS will offer a secure and reliable custody service that will support Ripple’s forward-thinking blockchain initiatives. This partnership is bound to open up many opportunities for both companies to expand the digital asset ecosystem.”
The agreement will enable BDACS to deploy Ripple Custody, an institutional-grade software structure built to securely store, manage, and access digital assets with bank-grade security. According to industry expectations, the total value of custodied crypto assets could potentially reach $16 trillion by 2030. Furthermore, it is predicted that around 10% of the global GDP might be tokenized within the same period.
Fiona Murray, Ripple’s Managing Director of APAC, also highlighted the strategic importance of this partnership saying, “BDACS and Ripple coming together to offer Ripple’s custody solution to institutional investors in South Korea is very exciting. With the cryptocurrency market on a high and with new opportunities developing under the FSC’s regulations, this partnership is a crucial step towards expanding the digital asset ecosystem.”
BDACS is set to provide custody support for both XRP and RLUSD. Besides being one of the pioneers in institutional-grade custody services in South Korea, BDACS has been broadening its international presence by focusing on tokenized securities and real-world asset tokenization. It has also forged alliances with major blockchain protocols like Avalanche and Polymesh. In fact, in December last year, BDACS established a significant partnership with Woori Bank, one of Korea’s leading commercial banks, to advance digital asset custody services.
Ripple’s foray into South Korea is a testament to the company’s growing influence in the region. With the possession of more than 60 regulatory licenses and registrations globally, Ripple harnesses over a decade of experience in the digital asset arena. It’s worth noting that just a few days ago, DekaBank, a German financial institution managing approximately €377 billion in assets, initiated crypto trading and custody services for institutional clients using Ripple Custody.
As of press time, XRP was trading at $2.22.
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Frequently Asked Questions (FAQs)
What is Ripple?
Ripple is a digital payment protocol that enables fast, low-cost international transactions. It uses its own digital currency, XRP, for these transactions.
What is BDACS?
BDACS is a prominent digital asset custody company in South Korea. It is one of the first institutions in the country to provide institutional-grade custody services.
What is the aim of the partnership between BDACS and Ripple?
The strategic collaboration between Ripple and BDACS is meant to advance institutional-grade custody services and expand the digital asset ecosystem within South Korea, particularly for XRP and RLUSD.
What opportunities does this partnership present for the digital asset ecosystem in South Korea?
The partnership between Ripple and BDACS is expected to facilitate the growth of XRPL developers and the broader ecosystem. It aims to expand the use cases for Ripple’s stablecoin RLUSD and leverage opportunities within Busan’s blockchain regulation-free zone.
