Ripple Expands in APAC: New Partnership in South Korea Boosts Institutional Crypto Adoption

Ripple, the San Francisco-based enterprise blockchain company, has recently expanded its presence in the Asia-Pacific (APAC) region by forming a strategic partnership with BDACS, a South Korean institutional crypto storage firm. This partnership aims to capitalize on South Korea's thriving crypto regulatory landscape, including the blockchain regulation-free zone in Busan.

The partnership will support institutional custody for XRP and Ripple's US dollar-backed RLUSD stablecoin. As part of the agreement, BDACS will integrate Ripple Custody, the firm's storage service, to secure XRP, RLUSD, and other digital assets for financial institutions in South Korea. Ripple president Monica Long emphasized the significance of institutional-grade custody amid increasing enterprise interest in crypto.

Long expressed her excitement about the partnership, stating, "South Korea is gearing up for a wave of institutional crypto adoption, and we're thrilled for Ripple Custody to plant another flag in APAC with BDACS for XRP and RLUSD." BDACS CEO Harry Ryoo echoed this sentiment, committing to providing secure infrastructure for institutional crypto adoption and enhancing the digital asset ecosystem.

Notably, Korean authorities are currently working on clearer regulations for corporate participation in crypto assets and stablecoins. Ripple's new partnership aligns with South Korea's Financial Services Commission's (FSC) roadmap for regulatory approval, supporting the growth of XRPL developers and its ecosystem, and expanding the usability of Ripple's stablecoin (RLUSD).

This move is part of Ripple's broader push into the crypto custody sector. In May 2023, Ripple acquired crypto custody provider Metaco, and last October, the blockchain startup launched new services aimed at helping banks store digital assets on behalf of clients. As Ripple continues to make inroads into the mainstream arena, speculation grows that the long-drawn-out lawsuit with the U.S. Securities and Exchange Commission is nearing its end. With bullish momentum returning, XRP could finally rocket, potentially crossing the elusive $3 threshold and eventually reaching $10.