Ripple Partners with BDACS for XRP and RLUSD Custody Services in South Korea

Ripple Labs has announced a strategic partnership with BDACS, a leading South Korean digital asset custodian, to offer institutional-grade custody solutions for XRP, Ripple USD (RLUSD), and other cryptocurrencies. The collaboration, revealed on February 26, 2025, aims to support the growing demand for secure and reliable custody services for financial institutions in South Korea, a key player in the global crypto space.

Strengthening Institutional Crypto Adoption

The partnership integrates Ripple Custody, Ripple's institutional crypto and digital asset custody solution, into BDACS's infrastructure. This move will allow financial institutions in South Korea to securely store XRP, RLUSD, and other digital assets, addressing the increasing interest from enterprises in adopting crypto technologies.

Monica Long, president of Ripple, emphasized the growing importance of institutional-grade custody solutions as the crypto space continues to expand. She noted, “South Korea is gearing up for a wave of institutional crypto adoption. We are excited for Ripple Custody to plant another flag in APAC with BDACS for XRP and RLUSD,” highlighting Ripple’s commitment to supporting institutional participation in the crypto market.

Aligning with South Korean Regulations

Ripple’s partnership with BDACS is strategically aligned with South Korea’s regulatory framework for institutional crypto adoption. The country’s Financial Services Commission (FSC) has set out a roadmap to regulate institutional participation in the crypto market, and Ripple's collaboration with BDACS supports this agenda.

Ripple highlighted that the partnership would foster the growth of the XRP Ledger (XRPL) ecosystem and enhance the usability of Ripple’s stablecoin, RLUSD. The partnership is also expected to leverage synergies with Busan, a blockchain regulation-free zone in South Korea, which is a key area for the country’s blockchain development.

Harry Ryoo, CEO of BDACS, stated, “BDACS is committed to ensuring a secure and reliable infrastructure for institutional crypto adoption. Our partnership with Ripple will help us provide the necessary custody services to support Ripple’s blockchain initiatives. Together, we aim to enhance and expand the digital asset ecosystem.”

Expanding the Custody Market

Ripple Custody is anticipating significant growth in the digital asset custody market. According to Ripple, the total amount of cryptocurrencies under custody is projected to reach $16 trillion by 2030, signaling a robust future for institutional crypto services.

In addition to the custody partnership, Ripple Labs is working on developing a comprehensive infrastructure for institutional decentralized finance (DeFi) on the XRP Ledger. The new roadmap includes plans for a permissioned decentralized exchange (DEX), a credit-based DeFi lending protocol, and a multi-purpose token (MPT) standard, all of which aim to further enhance XRP Ledger’s capabilities.

Looking Toward the Future

Ripple’s strategic moves in South Korea and its roadmap for institutional DeFi reflect the company’s ongoing commitment to building a secure, scalable, and future-ready digital asset ecosystem. With increased institutional interest in cryptocurrencies and blockchain technology, Ripple is positioning itself as a key player in the evolving global digital finance landscape.

Through its partnership with BDACS and its efforts to expand the capabilities of the XRP Ledger, Ripple is not only helping to pave the way for institutional crypto adoption but also contributing to the development of a more interconnected and decentralized financial system.