Ripple & BDACS: Transforming Crypto Custody in South Korea

Ripple Labs, a leading blockchain technology company, has announced a strategic partnership with BDACS, a South Korea-based digital asset firm. The collaboration aims to transform crypto custody in the region, aligning with the country's Financial Services Commission (FSC) roadmap for regulatory approval. Ripple seeks to support institutional involvement in South Korea's digital asset market through this partnership.

Monica Long, the president of Ripple, expressed her enthusiasm about South Korea's growing interest in institutional-grade custody and enterprise interest in crypto. She plans to further this trend by introducing Ripple Custody to the country. Ripple Custody is a digital asset custody solution that provides high-end, bank-grade security for custodians, exchanges, and OTC desks. Launched in October 2024, this solution enables fintech companies and banks to safeguard their digital assets effectively.

Ripple's expansion into the custody market is seen as an effort to diversify its offerings beyond simple payments. The company has forecasted that the custody market could reach a $16 trillion valuation by 2030, making it an attractive segment for Ripple to enter. The partnership with BDACS is a strategic move to establish a presence in the South Korean market.

The collaboration between Ripple and BDACS is expected to yield positive long-term outcomes, given their combined expertise in various industries. Ripple boasts over 60 regulatory licenses globally and has extensive knowledge in payments, tokenization, and digital asset management. BDACS, on the other hand, is one of the first institutional custody providers to obtain a license and offers storage and trading services for a range of crypto assets, including RLUSD, XRP, and AVAX.

Harry Ryo, the CEO of BDACS, commented on the partnership, stating that his organization's custody solution will fully support XRP's blockchain initiatives while working to expand its presence in the digital asset ecosystem.