Ripple Partners with BDACS to Boost Institutional XRP Custody in South Korea

On February 26, Ripple Labs announced a strategic partnership with South Korean digital asset custody provider BDACS. This collaboration aims to support institutional custody for XRP and Ripple USD (RLUSD) in South Korea. BDACS will integrate Ripple Custody, Ripple's institutional crypto and digital asset custody solution, to safeguard XRP, RLUSD, and other crypto assets for financial institutions. Ripple's president, Monica Long, emphasized the importance of institutional-grade custody amid growing enterprise interest in crypto. This partnership aligns with South Korea's Financial Services Commission (FSC) roadmap for regulatory approval of institutional participation and aims to support the growth of XRPL developers and the usability of Ripple's stablecoin. Ripple Custody anticipates the total amount of custodied cryptocurrencies to reach $16 trillion by 2030.