South Korean crypto custody company BDACS has launched institutional custody support for XRP following a partnership agreement with Ripple in February. This move provides institutions with compliant access to one of the most actively traded digital assets globally.
This launch was announced via BDACS's X account on Tuesday, enabling institutions to securely store and manage XRP using Ripple Custody, Ripple's enterprise-grade custody solution.
"We are excited to offer custody support for XRP to our institutional clients, as XRP is one of the most popular digital assets in South Korea," BDACS stated. "This launch strengthens our long-term partnership with Ripple and underscores our commitment to the South Korean market."
BDACS added that it has recently integrated with leading South Korean exchanges, including Upbit, Coinone, and Korbit, allowing institutional clients to deploy XRP on the country's top trading platforms in a "compliant manner."
Earlier this year, Ripple Labs partnered with South Korean crypto custody company BDACS to provide institutional custody support for XRP and its dollar-backed stablecoin RLUSD.
At that time, Ripple stated that the agreement aligns with the regulatory roadmap established by the South Korean Financial Services Commission for institutional crypto adoption. The company noted that this collaboration would also benefit the XRP Ledger ecosystem and expand the use cases for RLUSD, particularly in Busan's blockchain regulatory-free zone.
Ripple cited forecasts suggesting that crypto custody could reach $16 trillion by 2030, with tokenized assets potentially accounting for 10% of global GDP.
"South Korean policymakers have shown strong interest in incorporating the digital asset ecosystem into the legitimate part of the financial infrastructure," Agne Linge, head of growth at decentralized on-chain bank WeFi, told Cointelegraph.
Linge noted that XRP has become an important infrastructure candidate in Asia. She pointed out that Japanese banks have also shown interest in XRP, with reports indicating that 80% of Japanese banks are prepared to adopt XRP for global payments.
A recent report from the Korea Financial Research Institute revealed that a quarter of South Koreans aged 20 to 50 own digital assets, with cryptocurrencies making up 14% of their financial portfolios. The highest participation rate is among those in their 40s at 31%, followed by those in their 30s and 50s.
The research also indicated that older investors, in particular, are increasingly confident in cryptocurrencies as a wealth tool for retirement planning. While 70% of respondents plan to increase their investments in cryptocurrencies, 42% stated they would be more inclined to do so if traditional banks played a larger role in the space.
The crypto boom in South Korea has also spread to traditional financial institutions. At least three local banks, including Kakao Bank, Kookmin Bank, and Industrial Bank of Korea, have recently applied for trademarks for a won-backed stablecoin.
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Original article: “Due to strong market interest, South Korean digital asset custody institution BDACS launches XRP custody service”
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