BDACS, a licensed crypto custodian catering to South Korea’s institutional market, has announced support for XRP.
The latest launch represents the first concrete result of their collaboration, which was originally unveiled in February 2024.
In its tweet, BDACS stated that XRP is among the most widely held digital assets in South Korea, and the new custody support opens the door for institutions to engage with it in a secure, compliant manner. Ripple’s Ripple Custody platform, specifically designed for institutional-grade asset management, will underpin the storage and management of both XRP and Ripple’s enterprise-focused stablecoin, RLUSD.
The development also follows BDACS’s integrations with Korea’s top crypto exchanges, Upbit, Coinone, and Korbit, which give institutions seamless access to the crypto asset across the country’s most liquid venues.
The custodian had previously said that its collaboration with Ripple aligns with South Korea’s regulatory roadmap for digital assets, as outlined by the Financial Services Commission, which aims to accelerate institutional adoption. BDACS noted that its mission is not only to provide custody services but also to boost innovation on the XRP Ledger (XRPL), particularly in tokenization and stablecoin use cases.
The move echoes market research, which predicted that crypto custody could manage up to $16 trillion in assets by 2030, with tokenized assets accounting for 10% of global GDP. Ripple’s Asia-Pacific managing director, Fiona Murray, said the partnership was indicative of a growing institutional demand amid shifting regulations in the region.
Meanwhile, BDACS CEO Harry Ryoo had commented,
“BDACS will provide a secure and reliable custody service to support Ripples pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem.”
Besides XRP, BDACS is already active in Busan’s blockchain regulation-free zone and has partnered with players like Avalanche and Polymesh.
As institutional infrastructure expands, XRP’s market performance has captured global attention. The asset recently surged over $3.6, and hit a new all-time high after a 500% rally since the US elections. However, a new USA Today article praising XRP’s utility and regulatory outlook has raised concerns. Historically, glowing mainstream coverage, especially from outlets like The Motley Fool, which influenced the article, has coincided with market tops.
The article controversially calls XRP a former “meme coin,” a mischaracterization that stirred significant backlash. While media sentiment doesn’t always dictate price trends, such enthusiastic coverage has often preceded corrections. Given this pattern, some market watchers view the positive press as a potential top signal for the token in 2025.