Ripple Scores Major Win as South Korean Giant Launches XRP Custody

South Korea’s BDACS has officially announced the roll-out of XRP custody for institutional clients. This new move creates new avenues for the legal implementation of XRP on Korea’s leading exchanges.

BDACS Launches XRP Custody In South Korea

In a recent X post, BDACS announced that XRP is now live on its custody platform. This enables institutional investors in South Korea to store and manage the token securely.  They also confirmed that clients can now deploy XRP across major Korean exchanges, including Upbit, Coinone, and Korbit, with full regulatory compliance.

This accomplishment also expands on BDACS’s previous collaboration with Ripple. The partnership was intended to support the larger XRP Ledger ecosystem and align with South Korea’s crypto regulatory roadmap.

The company aims to bring in more institutions to investigate practical uses of tokenised assets on the XRP Ledger. The custodian is equipped to support this vision through its integration with the top trading venues in South Korea and its involvement in Busan’s innovation sandbox. BDACS is also in partnership with networks like Avalanche and Polymesh.

Notably, XRP is known as the most dominant trading asset on Upbit, South Korea’s largest exchange. This uptick in activity coincides with BDACS’s XRP strategy, highlighting growing confidence in Ripple-backed infrastructure.

Ripple has repeatedly highlighted projections suggesting that the global crypto custody market could surpass $16 trillion by 2030. This move could bring the goal to reality faster.

Ripple’s Asia Expansion Gains Momentum

Ripple’s expansion across Asia is accelerating as the company deepens its commitment to the region’s rapidly growing crypto and fintech markets. As previously reported by CoinGape, Japanese partner SBI Holdings announced plans to incorporate RLUSD into its SBI VC Trade platform.. This demonstrates Ripple’s regional strategy of partnering with influential organisations to promote the widespread adoption of tokenised assets.

Additionally, Ripple announced more than $5 million to fund technical and academic blockchain projects in South Korea, Japan, Singapore, Taiwan, and Australia through its University Blockchain Research Initiative (UBRI).

Backing Ripple’s move in South Korea, a report showed that over 25% of South Koreans between the ages of 20 and 50 own digital assets, with the highest participation coming from individuals in their 40s.

Furthermore, 42% of survey participants said they would increase their exposure to digital assets if traditional financial firms offered crypto services. This is precisely the type of solution that Ripple and BDACS are providing through XRP custody. It supports the growing sentiment that banks should play a larger role in crypto markets.

It is also worth mentioning that the Financial Services Commission had previously emphasized the value of regulated custody. BDACS’s safe and legal XRP custody services could be crucial in determining the institutional cryptocurrency scene in South Korea.