XRP Now Available Through BDACS Following Ripple Custody Partnership
XRP is now available on BDACS, a regulated crypto custodian for South Korean institutions. This follows the partnership with Ripple announced in February.
- BDACS confirmed the launch on Aug. 5, stating it would support custody for XRP, a popular digital asset in South Korea.
- The partnership aims to enhance institutional participation in South Korea's digital asset market as per the Financial Services Commission roadmap.
- Both XRP and Ripple's stablecoin RLUSD will be supported using Ripple Custody software for secure asset management.
- Research indicates crypto custody could reach $16 trillion in assets by 2030, with 10% of global GDP potentially tokenized.
- Ripple’s managing director highlighted the collaboration amid increased market activity and changing regulations in South Korea.
- As of now, XRP is trading at $2.97, down 3.4% in the last 24 hours.
BDACS also collaborates with Avalanche, Polymesh, and Woori Bank, contributing to blockchain initiatives within Busan's regulation-free zone.