South Korean crypto custody platform BDACS has launched institutional custody support for XRP following a partnership agreement with Ripple. This move provides institutions with compliant access to this globally most active digital asset.
This announcement was made through BDACS's official account, enabling institutions to securely store and manage XRP using Ripple's enterprise-grade custody solution.
BDACS stated, 'We are excited to provide custody support for XRP to Korean institutional clients, further solidifying our long-term partnership with Ripple and demonstrating our commitment to the Korean market.'
BDACS has also integrated with South Korea's top exchanges, including Upbit, Coinone, and Korbit, enabling institutional clients to deploy XRP in a compliant manner on major trading platforms in South Korea.
Ripple partners with BDACS to develop institutional-grade XRP custody.
Earlier this year, Ripple Labs partnered with BDACS to launch custody support for XRP and its USD stablecoin RLUSD. Ripple stated that this collaboration aligns with South Korea's cryptocurrency agency adoption roadmap and will help expand the use cases for RLUSD.
Ripple predicts that by 2030, the crypto custody market could reach $16 trillion. Agne Linge stated that South Korean lawmakers have shown strong interest in positioning digital assets as financial infrastructure, and the Bank of Japan is also paying attention to XRP.
More than 25% of South Koreans aged 20-50 hold cryptocurrencies.
According to a report by Hana Financial Research, one in four South Koreans aged 20 to 50 holds digital assets, with cryptocurrencies making up 14% of their portfolios. The highest participation rate is among those aged 40, followed by those aged 30 and 50. The study shows that confidence in cryptocurrencies for wealth accumulation and retirement planning is also increasing.
Traditional financial institutions in South Korea are also venturing into the crypto space, with at least three local banks applying for a Korean won stablecoin trademark.
