In a significant milestone for Ripple’s expansion into Asia, XRP has officially gone live on BDACS, a regulated crypto custodian tailored for South Korean institutions. Announced on August 5, this launch marks the first tangible outcome of Ripple’s custody partnership with BDACS, which was initially unveiled in February this year. The move seemingly aligns well with South Korea’s burgeoning interest in digital assets, as outlined by its Financial Services Commission.
A New Era for Institutional Access
The integration of XRP into BDACS’s offerings isn’t just another checkbox on Ripple’s checklist. It’s a strategic step aimed at facilitating institutional access to one of South Korea’s most sought-after digital currencies. According to a post by BDACS on social media platform X, the firm will provide robust custody support for XRP. This is the kind of backing that institutions have been clamoring for—especially in a market as vibrant and fast-evolving as South Korea’s. As explored in our recent coverage of South Korea’s scrutiny of Upbit and Bithumb’s services, the regulatory environment is becoming increasingly complex, making secure custody solutions even more critical.
BDACS’s commitment to Ripple’s ecosystem extends beyond just XRP. Back in February, the company had noted its intention to support RLUSD, Ripple’s U.S. dollar-denominated stablecoin, as part of its custody services. This is all part of a broader ambition to catalyze the adoption of tokenization and stablecoins among developers working on the XRP Ledger.
Ripple’s Strategic Positioning
The collaboration with BDACS also reflects Ripple’s shrewd navigation through the regulatory landscape, both domestically and internationally. Fiona Murray, Ripple’s managing director for the Asia-Pacific region, underscored this during the partnership announcement, noting the burgeoning market activity and shifting regulatory environment in South Korea. “The collaboration with BDACS provides a secure and compliant framework for institutional clients,” she had stated. This follows a pattern of institutional adoption, which we detailed in our analysis of SBI’s Bitcoin–XRP ETF initiative in Japan.
Harry Ryoo, CEO of BDACS, echoed those sentiments, emphasizing the importance of providing secure custody solutions to support Ripple’s blockchain initiatives. This isn’t just about keeping assets safe; it’s about offering peace of mind to institutions venturing into the digital currency space.
Beyond XRP: A Broader Vision
BDACS isn’t limiting itself to Ripple alone. The custodian has already forged alliances with other blockchain heavyweights such as Avalanche and Polymesh, as well as South Korea’s Woori Bank. The firm is even participating in projects within Busan’s blockchain regulation-free zone, a hotbed of innovation and experimentation. This demonstrates BDACS’s ambition to be at the forefront of institutional crypto custody services under South Korea’s regulatory framework.
But what does this mean for the broader cryptocurrency market? Well, according to research cited by BDACS, the crypto custody market could balloon to $16 trillion by 2030. That’s a staggering figure that speaks to the accelerating institutional interest in digital assets. Furthermore, projections suggest that 10% of the global GDP could be tokenized by the same year, highlighting the transformative potential of blockchain technology.
The Road Ahead
As of today, XRP is trading at $2.97, a slight dip of 3.4% over the past 24 hours, according to CoinDesk Data. While short-term fluctuations are par for the course in the crypto world, the long-term outlook appears promising. The successful launch of XRP support on BDACS could very well serve as a catalyst for further adoption and innovation.
All eyes will be on how this partnership evolves and whether it will spur similar moves in other Asian markets. Could this be the tipping point for broader institutional adoption in the region? Only time will tell, but one thing is clear: Ripple and BDACS are poised to play a pivotal role in shaping the future of digital assets in South Korea.
Source
This article is based on: Ripple’s Partnership With BDACS Pays Off as XRP Support Goes Live at Korean Crypto Custodian
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
