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- Ripple recently unveiled a new strategic partnership with South Korean digital asset institutional custody firm BDACS.
- The new alliance expands the services of Ripple Custody to offer Korean customers seamless access to XRP, RLUSD, and other cryptocurrency assets.
- South Korea leads in terms of on-chain value in Eastern Asia and is 19th in the global adoption index.
Today, we are partnering with BDACS to expand institutional crypto custody in South Korea: https://t.co/DhgeumFCn8@BDACSKorea will use Ripple Custody to provide secure infrastructure for XRP, RLUSD, and other crypto assets—supporting institutional adoption, XRPL developer…
— Ripple (@Ripple) February 27, 2025
The New Ripple and BDACS Partnership
According to Ripple’s announcement, its new strategic expansion with BDACS is in compliance with the updated roadmap of South Korea’s Financial Services Commission (FSC). The regulator notably extended its rules and penalties on digital assets after the enforcement of the new Virtual Asset Users Protection Act last year.
Ripple stated that the collaboration will play an integral role in promoting the institutional adoption of XRP and RLUSD. It will also help advance the security and custodial support for institutional crypto investors.
In addition, the partners envision the new venture as a means of supporting the growth of XRP Ledger (XPRL) developers and augmenting the use cases for the Ripple USD (RLUSD) stablecoin. Their operation likewise leverages Busan’s blockchain regulation-free zone.
“BDACS will provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives,” said Harry Ryoo, CEO of BDACS. “Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem.”
BDACS has increased its presence in the digital asset market, especially in securities tokenization (security token offering or STO) and real-world asset (RWA) tokenization within the Asian region. The organization also has links with Avalanche (AJAX) and Polymesh (POLYX). Meanwhile, it has recently established a connection with Woori Bank, one of South Korea’s leading commercial banks.
“We’re excited to partner with BDACS to bring Ripple’s custody solution to institutional investors in South Korea,” stated Fiona Murray, Managing Director of APAC at Ripple. “With the crypto market surging and new opportunities emerging under the FSC’s regulatory roadmap, we view this collaboration as a critical step in expanding the digital asset ecosystem.”
Crypto Adoption in South Korea
South Korea has been included in Chainalysis’ 2024 Global Crypto Adoption Index Top 20. It sits on the 19th rank of the list. However, it’s the number one in terms of crypto value received in Eastern Asia.
2024 Global Crypto Adoption Index Top 20 (Source: Chainalysis)
At the time of the study, South Korea accounted for approximately $130 billion out of the region’s $400 billion on-chain value. Eastern Asia displayed an 8.9% share in crypto value received worldwide.
Crypto Value Received in Eastern Asia (Source: Chainalysis)
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