Ripple Labs and South Korean crypto custody provider BDACS have formed a strategic partnership to deliver secure infrastructure for institutional players in the region, supporting assets like XRP and RLUSD.
By Bhushan Akolkar
Edited by Marco T. Lanz
Updated
2 mins read
Blockchain startup Ripple Labs entered into a strategic partnership with South Korea’s crypto custody provider BDACS, to bring its services to institutional players in this region. As a result, Ripple will provide a secure infrastructure to provide custody of crypto assets like XRP XRP $2.18 24h volatility: 1.6% Market cap: $126.78 B Vol. 24h: $3.43 B , RLUSD, and others.
As part of this partnership announced on Wednesday, February 26, Ripple Labs will allow BDACS to integrate the Ripple custody solution and securely store digital assets for financial institutions in South Korea.
Ripple custody supports crypto custodians, exchanges, and OTC desks while ensuring bank-level security. The XRP parent firm has been at the forefront of offering crypto custodial solutions as this industry is projected to hit $16 trillion by 2030.
By this timeframe, nearly 10% of the global GDP will undergo tokenization thereby significantly raising the demand for custody solutions which would be the cornerstone of crypto businesses. Commenting on this development, BDACS’s CEO, Harry Ryoo, said:
“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.”
BDACS has been quickly expanding its footprint in the global crypto market, while focusing on tokenized securities (STOs) and real-world asset tokenization (RWA). Additionally, the South Korean crypto custody platform has formed strategic collaborations with major blockchain protocols like Avalanche and Polymesh.
South Korea’s crypto regulatory landscape has been changing for the good amid the growing participation from investors and institutions in this space. South Korea’s Financial Services Commission (FSC) has started allowing greater corporate participation in digital assets along with establishing a framework for stablecoins.
This partnership between Ripple Labs and BDACS will bolster the growth of XRPL developers and its ecosystem by offering secure custody services for XRP and RLUSD tailored to institutional investors. Additionally, it will enhance the usability of Ripple’s stablecoin (RLUSD) while capitalizing on synergies with Busan, South Korea’s blockchain regulation-free zone.
Additionally, the XRP parent company also announced a new roadmap to develop an institutional-grade decentralized finance (DeFi) ecosystem on the XRP Ledger blockchain. This roadmap outlines key innovations such as a permissioned decentralized exchange (DEX), the introduction of a multi-purpose token (MPT) standard, and a credit-based DeFi lending protocol.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
