XRP Secures Institutional Foothold in South Korea with BDACS Launch

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XRP is now available for institutional custody in South Korea through BDACS, a regulated crypto custodian, marking the first tangible milestone in its partnership with Ripple.

The launch was announced on Aug. 5 in a post on X, confirming that BDACS will provide regulated custody support for XRP, which the firm described as one of the country’s most popular digital assets.

XRP is now live on BDACS!

We’re thrilled to offer custody support for #XRP, one of the most popular digital assets in #Korea, to our institutional clients. This launch strengthens our long-standing partnership with #Ripple and underscores our commitment to the Korean market.… pic.twitter.com/j8IKSBr7W7

— BDACS (@BDACSKorea) August 5, 2025

Partnership Roots in February Agreement with Ripple

The rollout follows a partnership agreement unveiled on Feb. 26 between BDACS and Ripple, the U.S.-based blockchain company behind the XRP Ledger and its native token. The collaboration was designed to align with the Financial Services Commission’s roadmap for boosting institutional participation in South Korea’s digital asset sector.

At the time of the February announcement, BDACS said it would integrate Ripple Custody — a secure institutional-grade storage and management platform — to support both XRP and RLUSD, Ripple’s U.S. dollar–denominated stablecoin.

The company also emphasized plans to help developers build on the Ripple Ledger, fostering tokenization and stablecoin use cases in the region.

Leadership Highlights Strategic Timing

Ripple’s Asia-Pacific managing director Fiona Murray highlighted that the partnership came amid rising market activity and evolving regulatory conditions in South Korea, while BDACS CEO Harry Ryoo underscored the goal of delivering secure, compliant custody services for Ripple’s blockchain initiatives.

Industry research cited in the February press release suggested that global crypto custody could grow to $16 trillion in assets by 2030, with tokenized assets representing 10% of global GDP.

XRP and RLUSD in Focus

XRP serves as the native token for the XRP Ledger, a layer 1 blockchain designed for scalable, low-cost transfers of digital and tokenized assets.

RLUSD, backed by U.S. dollar reserves, is aimed at enterprise and financial institution adoption.

Beyond Ripple, BDACS has formed partnerships with Avalanche, Polymesh, and Woori Bank, and participates in initiatives within Busan’s blockchain regulation-free zone.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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