Ripple, a leading blockchain and cryptocurrency payment provider, has announced a strategic partnership with BDACS, a South Korean-based digital asset custody service provider. The partnership aligns with the Financial Services Commission’s (FSC) recently released guide for regulatory approval of institutional participation in the digital asset market.
South Korean Expansion
Ripple and BDAC’s collaboration aims to enhance institutional crypto custody services in South Korea. This will enable financial institutions, family offices, and other professional investors to safely store and manage their digital assets, thus advancing the institutional-level custody market and increasing both technical and commercial opportunities within South Korea.
As a result of the partnership, BDACS will leverage Ripple’s blockchain technology to provide secure custody solutions for institutional investors. Meanwhile, Ripple will leverage BDACS’s custody services, according to the digital asset custody service provider’s CEO, Harry Ryoo.
According to the company, the partnership will provide secure custody services for XRP and RLUSD, Ripple’s enterprise-grade stablecoin, catering to institutional investors in South Korea. The move aims to support the growth of XRPL developers and its ecosystem, expand the usability of the company’s stablecoin, and leverage synergies with Busan, Korea’s blockchain regulation-free zone.
Ripple Expands Reach Through Strategic Partnerships
In November, the company joined forces with Archax, a UK-based digital asset exchange regulated by the FCA (Financial Conduct Authority), to offer Abrdn’s money market fund on the XRP Ledger.
Earlier this year, Ripple also partnered up with the decentralized oracle network, Chainlink, to boost the utility and mainstream acceptance of Ripple’s RLUSD stablecoin in the rapidly evolving decentralized finance (DeFi) markets.
Concerning its latest partnership, the company’s Managing Director of APAC, Fiona Murray commented,
“We’re excited to partner with BDACS to bring Ripple’s custody solution to institutional investors in South Korea. With the crypto market surging and new opportunities emerging under the FSC’s regulatory roadmap, we view this collaboration as a critical step in expanding the digital asset ecosystem.”
The partnership is poised to increase crypto availability to institutional buyers in South Korea. This development is expected to drive greater institutional investment in crypto, building on the country’s past initiatives.
As reported in a previous article, the South Korean government revealed its plans to allow institutions, like universities and local governments, to liquidate seized and donated cryptocurrencies beginning in 2025.
