BDACS, a South Korean cryptocurrency custodian, has announced the launch of regulated custody support for XRP for institutional clients today. The partnership with Ripple began in February and allows for secure management of XRP and RLUSD.
Launch of Ripple Custody for XRP
BDACS described XRP as one of the most popular digital assets in South Korea. The launch of Ripple Custody provides institutional clients in Korea access to XRP with regulatory compliance. BDACS confirmed the integration of Ripple Custody with major exchanges in Korea, such as Upbit, Coinone, and Korbit, supporting institutional deployment across top local trading platforms.
Partnership with Ripple for RLUSD Support
Ripple partnered with BDACS on February 26 to support RLUSD, Ripple's U.S. dollar-backed stablecoin. The collaboration aims to advance tokenization and support developers building on the XRP Ledger. Expansion of stablecoin use is also planned within Busan’s blockchain regulation-free zone.
Rising Interest in Crypto Assets in South Korea
A report by the Hana Institute of Finance indicated that one in four South Koreans aged between 20 and 50 hold cryptocurrency, with 14% keeping their assets in personal wallets. The highest participation is noted among individuals in their 40s. More than 70% of respondents expressed intentions to increase their awareness of cryptocurrencies.
The launch of Ripple Custody for XRP and the partnership with BDACS highlight the growing interest in crypto assets in South Korea and the intent to uphold regulatory compliance, potentially facilitating the integration of digital assets into the country's financial system.
