Ripple President, Monica Long, used X to point out how important institutional adoption of digital assets is in South Korea. To that end, she announced Ripple’s new partnership with BDACS, a major digital asset custody firm in the region. The goal is to build up custody infrastructure for XRP, RLUSD, and other cryptocurrencies.
South Korea is gearing up for a wave of institutional crypto adoption — very excited for Ripple Custody to plant another flag in APAC with @BDACSKorea for XRP and RLUSD. The importance for secure, institutional-grade custody technology can’t be overstated, especially as… https://t.co/dw98azf5rr
— Monica Long (@MonicaLongSF) February 27, 2025
Ripple Custody Eyes Growing Korean Institutional Market
Long shared her enthusiasm for Ripple Custody’s potential role in South Korea’s changing regulatory scene and the increasing interest in crypto services for institutions.
This partnership fits with South Korea’s regulatory roadmap from the Financial Services Commission (FSC). The FSC wants to encourage institutions to get involved in the digital asset market.
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BDACS Partnership to Enhance Crypto Custody Infrastructure
According to a press release, Ripple’s partnership with BDACS is designed to strengthen South Korea’s infrastructure for secure crypto custody services at the institutional level.
By integrating Ripple Custody into BDACS’s system, the two companies want to give institutions a solid and secure place to manage XRP, RLUSD, and other digital assets.
BDACS CEO Highlights Secure Platform for Institutions
Harry Ryoo, CEO of BDACS, commented on how significant this collaboration is. He stated that the custody services will offer institutions a secure platform to trade and store digital assets while following regulatory standards.
Ripple Custody will provide a modern custody solution, giving crypto holders, exchanges, and OTC desks a platform for managing and protecting digital assets.
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The global crypto market anticipates that the number of crypto assets under custody will reach $16 trillion by 2030. Secure custody technology is expected to be essential for the digital asset ecosystem to grow.
Fiona Murray, Managing Director of APAC at Ripple, expressed her positive feelings about the partnership. She mentioned that it would allow Ripple to offer its custody solution to institutional investors in South Korea.
South Korea’s Regulatory Shifts Drive Custody Demand
The changes in South Korea’s regulatory situation are likely to speed up the need for specialized custody services.
With recent news about corporate participation in digital assets and the development of a regulatory framework for stablecoins, the demand for secure custody solutions is expected to increase.
Moreover, BDACS is among the first institutions in South Korea to provide these services, making itself a leader in this growing market.
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