Ripple & BDACS: Strengthening XRP & RLUSD in South Korea

South Korea's BDACS, a leading institutional crypto storage firm, has announced its collaboration with Ripple to use Ripple Custody for securing institutional holdings of XRP and RLUSD, a dollar-pegged stablecoin. The partnership aims to strengthen Ripple's ecosystem, enhance RLUSD adoption, and tap into the blockchain-friendly economic zone of South Korea's port city, Busan.

Ripple Custody, a software infrastructure provider for crypto custodians and exchanges, will offer BDACS a secure and efficient platform for managing and accessing cryptocurrencies. This move comes as Korean authorities are working to clarify regulations for corporate participation in cryptocurrencies and stablecoins.

Ripple has recently updated its XRP Ledger network to include additional compliance functions and expand lending features. The network already boasts live features such as clawback, which allows issuers to reclaim tokens tied to illicit activity, and decentralized identity tests.

Despite the broader market drop, XRP has experienced a 2.2% decline in the past 24 hours.