XRP NEWS – Ripple Expands in South Korea with BDACS Partnership for XRP, RLUSD Custody

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Ripple‘s South Korean Crypto Shenanigans

<a href="https://usdaed.com/xrp-usd/">XRP</a> NEWS – Ripple Expands in South Korea with BDACS Partnership for XRP, RLUSD Custody

This collaboration is like that awkward first date where you’re both trying to figure out if you’re into blockchain or just here for the free kimchi. 😅

Strengthening Institutional Custody in South Korea

The partnership, starting on February 26, sees BDACS integrating Ripple Custody, a product designed to keep your digital assets safe and sound, like a digital vault for your crypto. Ripple Custody, launched in October 2024, provides banks with a secure platform to hold their assets without getting into any regulatory hot water.

Ripple President Monica Long emphasized the growing demand for institutional custody solutions. “South Korea is about to ride a wave of institutional crypto adoption—ready for Ripple Custody to grab another flag for APAC with BDACS for XRP and RLUSD,” she said. This move further shows Ripple’s commitment to building the infrastructure for businesses to confidently enter the world of crypto.

Aligning with South Korea’s Regulatory Roadmap

The collaboration between Ripple and BDACS is like a well-rehearsed dance, perfectly timed with the South Korean Financial Services Commission (FSC) roadmap for institutional participation in digital assets. Through its partnership with BDACS, Ripple aims to provide the necessary custody infrastructure that complies with local regulations and encourages the broader use of blockchain technology in the country.

According to Ripple, the partnership will be a key driver in making the use of RLUSD, its stablecoin, and its development in the XRP Ledger (XRPL) developer community even bigger. The company explained, “This partnership will help grow XRPL developers and its ecosystem, enhance the useability of Ripple’s stablecoin (RLUSD), and capitalize on synergies with Busan, Korea’s blockchain regulation-free zone.”

BDACS CEO Harry Ryoo echoed the importance of this collaboration, emphasizing security and reliability in digital asset management. “BDACS will provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem.”

Ripple’s Institutional DeFi Roadmap

Besides the BDACS partnership, Ripple has also created a blueprint for institutional decentralized finance (DeFi) on the XRP Ledger. This includes creating a permissioned decentralized exchange (DEX), a credit-based DeFi lending protocol, and a new token standard – the multi-purpose token (MPT). These will build a robust, scalable, and regulated DeFi structure for institutional players.

Ripple APAC Managing Director Fiona Murray emphasized the importance of this growth. “With the crypto market thriving and new opportunities emerging under the FSC’s regulatory roadmap, we view this partnership as a vital step in furthering the digital asset ecosystem.” The growing demand for compliant institutional DeFi products puts Ripple in a prime position to be a bridge between traditional finance and blockchain-based innovation.

Institutional Demand for Crypto Custody on the Rise

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2025-02-28 12:21