BDACS, a licensed crypto custodian for institutional investors in South Korea, has announced support for XRP, marking an important step for the institutional crypto market.
XRP Goes Live on BDACS
BDACS has announced the launch of support for XRP, representing the first significant result of its collaboration announced in February 2024. In its tweet, the company mentioned that XRP is among the most widely used digital assets in South Korea.
Support from Ripple and Integration with Exchanges
The support for XRP by BDACS will enable institutional investors to interact with the asset in a secure and regulatory-compliant manner. The storage and management of XRP will be based on the Ripple Custody platform. The development is also accompanied by BDACS's integration with major South Korean exchanges such as Upbit, Coinone, and Korbit, ensuring easy access to the crypto asset.
Public Reaction and Potential Risks
The new support for XRP has generated significant market interest, particularly following the recent price surge. Additionally, a publication in USA Today describing XRP as a 'former meme coin' sparked division among investors, adding risks to the asset's future development.
Overall, the support for XRP by BDACS opens new opportunities for institutional investors in South Korea, yet it is crucial to consider public sentiment and potential market corrections.
