Ripple Expands in South Korea with BDACS Partnership to Boost Institutional Custody

Ripple Labs has taken a significant step toward strengthening its presence in the South Korean crypto market by forging a strategic partnership with BDACS, a local digital asset custody provider. Announced on Feb. 26, the collaboration will enable BDACS to integrate Ripple Custody, the company’s institutional-grade digital asset security solution, to safeguard XRP, Ripple USD (RLUSD), and other cryptocurrencies for financial institutions.

Ripple’s president, Monica Long, emphasized the growing need for robust institutional custody solutions, citing the increasing adoption of digital assets by enterprises. “South Korea is gearing up for a wave of institutional crypto adoption—very excited for Ripple Custody to plant another flag in APAC with BDACS for XRP and RLUSD,” she stated.

The partnership is expected to solidify Ripple’s foothold in the Asia-Pacific region while catering to South Korea’s evolving regulatory landscape for digital assets.

Ripple Aligning with South Korea’s Crypto Regulations

A key aspect of the agreement is its alignment with South Korea’s Financial Services Commission (FSC) roadmap, which is aimed at fostering institutional participation in crypto markets. Ripple noted that the collaboration will not only enhance custody services but also drive the adoption of its stablecoin, RLUSD, and contribute to the growth of the XRP Ledger (XRPL) ecosystem.

“This partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple’s stablecoin (RLUSD), and leverage synergies with Busan, Korea’s blockchain regulation-free zone,” Ripple stated.

BDACS CEO Harry Ryoo highlighted the importance of secure infrastructure in accelerating institutional adoption. “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,” Ryoo said.

With Ripple Custody anticipating the total value of custodied cryptocurrencies to reach $16 trillion by 2030, the company sees South Korea as a key market for institutional crypto expansion.

Vision for Institutional DeFi on XRPL

Beyond custody services, Ripple has also outlined an ambitious roadmap for developing an institutional decentralized finance (DeFi) ecosystem on the XRP Ledger blockchain. This initiative includes a permissioned decentralized exchange (DEX), a credit-based DeFi lending protocol, and a new token standard called the multi-purpose token (MPT).

By leveraging existing XRPL infrastructure such as price oracles and automated market makers, Ripple aims to create a future-ready ecosystem that can cater to large-scale institutional players.