South Korean crypto custodian BDACS has launched regulated institutional custody for XRP, fulfilling a key part of its partnership with Ripple. The announcement, made on August 5, confirmed that BDACS will now provide custody services for what it calls one of the country's most popular digital assets.
This development follows an agreement made in February between BDACS and Ripple. The initial partnership was formed to support the Financial Services Commission’s goal of increasing institutional involvement in South Korea’s digital asset market. At the time, BDACS also stated its plans to integrate Ripple Custody to support both XRP and RLUSD, Ripple's U.S. dollar-backed stablecoin.
Ripple's Asia-Pacific managing director, Fiona Murray, noted the timing was ideal given the evolving regulatory landscape and increasing market activity in South Korea. The move aligns with projections that the global crypto custody market could grow to $16 trillion by 2030.
Beyond its partnership with Ripple, BDACS has also collaborated with other projects like Avalanche and Polymesh and is involved in initiatives in Busan's blockchain regulation-free zone.
August 2025, Cryptoniteuae