BDACS has introduced institutional custody support for XRP, allowing regulated access to this popular digital asset for institutions in South Korea.
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Secure custody for XRP is now available through Ripple Custody, enhancing institutional access.
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BDACS has integrated with major South Korean exchanges like Upbit and Coinone.
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Over 25% of South Koreans aged 20-50 currently hold crypto assets, indicating strong market interest.
BDACS has launched institutional custody for XRP, enhancing access to this popular digital asset in South Korea. Learn more about this development.
| Aspect | Details | Impact |
|---|---|---|
| Custody Support | Available for XRP | Regulated access for institutions |
What is BDACS’s Institutional Custody Support for XRP?
BDACS’s institutional custody support for XRP is a new service that allows institutions to securely store and manage their XRP holdings using Ripple Custody, enhancing regulatory compliance and security.
How Does This Partnership Benefit Institutions?
This partnership between BDACS and Ripple provides institutions with a regulated way to access XRP, which is one of the most actively traded digital assets in South Korea. This move is expected to bolster the adoption of cryptocurrency in the region.
Frequently Asked Questions
Why is XRP custody important for institutions?
XRP custody is crucial for institutions as it provides a secure and regulated environment to manage digital assets, ensuring compliance with financial regulations.
How can institutions access BDACS’s custody services?
Institutions can access BDACS’s custody services by partnering with BDACS and utilizing Ripple Custody for secure management of their XRP holdings.
Key Takeaways
- Institutional Custody: BDACS provides secure custody for XRP, enhancing institutional access.
- Market Integration: The partnership with Ripple aligns with South Korea’s regulatory framework.
- Growing Adoption: Over 25% of South Koreans aged 20-50 hold crypto, indicating a strong market interest.
Conclusion
BDACS’s launch of institutional custody support for XRP marks a significant step in enhancing the regulatory framework for digital assets in South Korea. As the market continues to grow, institutions are likely to increase their engagement with cryptocurrencies, paving the way for a more robust financial ecosystem.
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South Korea’s BDACS has rolled out institutional custody support for XRP, following its partnership with Ripple and integration with top South Korean exchanges.
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South Korean crypto custodian BDACS has launched institutional custody support for XRP following its February partnership agreement with Ripple. The move provides institutions with regulated access to one of the world’s most actively traded digital assets.
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The rollout, announced via BDACS’s official X account on Tuesday, enables institutions to securely store and manage XRP (XRP) using Ripple Custody, Ripple’s enterprise-grade custody solution.
BDACS has launched institutional custody for XRP, enhancing access to this popular digital asset in South Korea. Learn more about this development.
Ripple, BDACS partner on institutional XRP custody
Earlier this year, Ripple Labs partnered with South Korean crypto custodian BDACS to roll out institutional custody support for XRP and its US dollar–backed stablecoin, RLUSD.
At the time, Ripple said the deal aligned with South Korea’s regulatory roadmap for institutional crypto adoption, as the Financial Services Commission outlined. The firm said the collaboration would also benefit the XRP Ledger ecosystem and expand RLUSD use cases, especially in Busan’s blockchain regulation-free zone.
Ripple also cited projections that crypto custody could reach $16 trillion by 2030, and that tokenized assets could account for 10% of global GDP.
“South Korean politicians have been demonstrating strong interest in making the digital asset ecosystem a legitimate part of the financial infrastructure,” Agne Linge, head of growth at decentralized onchain bank WeFi, told Cointelegraph.
Linge also claimed that XRP has become a serious infrastructure candidate in Asia. She noted that Japan’s banks have also been showing interest in XRP, with reports stating that 80% of Japanese banks are set to embrace XRP for global payments.
Over 25% of Koreans aged 20–50 hold crypto
A recent report from the Hana Institute of Finance revealed that one in four South Koreans in their 20s to 50s own digital assets, with crypto making up 14% of their financial portfolios. The highest participation rate was among people in their 40s at 31%, followed by those in their 30s and 50s.
The study also showed growing confidence in crypto as a wealth-building tool and retirement planning, especially among older investors. While 70% of respondents plan to increase crypto exposure, 42% said they would be more inclined to do so if traditional banks played a larger role in the sector.
The crypto craze in South Korea has also spilled into traditional finance players. At least three local banks, including Kakao Bank, Kookmin Bank and the Industrial Bank of Korea, have recently filed for Korean won stablecoin trademarks.
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