XRP is now live on BDACS, a regulated crypto depot for South Korean institutions marking the first concrete result of Ripple’s custody announced in February.
BDACS talked about the launch in a post made August 5 at X. The company said it will offer custody support to XRP, as it described as one of the most popular digital assets in South Korea. This update follows a partnership announced February 26 with Ripple, the US-based blockchain company that developed the XRP Ledger and its original token.
When the partnership was announced in February, BDACs said the agreement was adapted to South Korea’s roadmap for financial services seeking to expand the institutional participation in the country’s digital asset market.
At the time, the company said it would support both XRP and RLUSD, Ripple’s US Dollar – Returned StableCOin using Ripple Custody, a software platform built for institutions to store and manage digital assets securely. On the August 5th launch, this plan implies in effect, giving institutional clients regulated access to XRP in South Korea.
In the press release on February 26, BDACS said the partnership was intended to support developers based on the XRP headbook and help expand use cases for tokenization and stableco -admission. The company also cited research that projected that crypto -detention could reach $ 16 trillion in assets by 2030 and that 10% of global GDP could be tokenized at that time.
At the time, Fiona Murray, Ripple’s CEO of Asia-Stophav region, said the collaboration came in the midst of rising market activity and developed legislative conditions in South Korea. BDAC’s managing director Harry Ryoo said the company aimed to provide secure and compatible custody services to support Ripple’s blockchain initiatives.
XRP is the native token of XRP Ledger, a layer of 1 blockchain designed for cheap, scalable transfers of digital and tokenized assets. RLUSD is Ripple’s stableecoin, supported by dollar reserves and targeted at corporate and financial institutions.
BDACS has also collaborated with Avalanche, Polymesh and Woori Bank and participates in projects in blockchain regulation-free zone in Busan. In its release in February, the company said its cooperation with Ripple supported efforts to expand institutional custody services under Korea’s regulatory framework.
From the time of writing, XRP traded with $ 2.97, 3.4% down in the last 24 hours, according to Coindesk data.
