South Korean crypto firm BDACS has announced the launch of institutional custody services for XRP, following an earlier partnership with Ripple.
Launch of XRP Custody Services
BDACS officially announced the launch of custody services for XRP aimed at institutional clients. The announcement was made via BDACS's official X account and involves the use of Ripple Custody, which enables institutions to securely store and manage their XRP assets.
BDACS and Ripple Partnership
In its statement, BDACS emphasized that the offering of custody support for XRP strengthens its ongoing partnership with Ripple. 'We’re thrilled to offer custody support for XRP, one of the most popular digital assets in Korea, to our institutional clients,' the company noted. As part of the expansion, BDACS has also integrated with major South Korean crypto exchanges including Upbit, Coinone, and Korbit.
Digital Asset Market in South Korea
According to forecasts, the global crypto custody market could surpass $16 trillion by 2030, with South Korea being viewed as a high-potential market. A recent report indicates that 25% of South Koreans aged 20 to 50 own digital assets. Furthermore, 70% of survey participants expressed intentions to increase their cryptocurrency allocations.
The expansion of XRP custody services by BDACS and Ripple highlights the growing interest in digital assets in South Korea and their potential role within citizens' financial portfolios.
