XRP Officially Listed On BDACS In South Korea
XRP Listed on BDACS
On August 5, BDACS – a regulated crypto custodian in South Korea – officially announced support for XRP custody services. This marks the first concrete result of the partnership between BDACS and Ripple, signed in February 2025. BDACS described XRP as one of the most popular digital assets in South Korea and now provides institutional clients with secure and compliant custody access.
Ripple – BDACS Partnership
On February 26, 2025, Ripple – the well-known blockchain company behind the XRP Ledger – announced a partnership with BDACS to support custody services for XRP and RLUSD, Ripple’s USD-pegged stablecoin. The Ripple Custody solution enables institutions to securely store and manage digital assets, aligning with the Financial Services Commission’s roadmap to expand the digital asset market in South Korea.
According to Fiona Murray, Ripple’s Managing Director for the Asia-Pacific region, the collaboration comes amid rapidly evolving market activity and regulatory conditions in South Korea. Harry Ryoo, CEO of BDACS, emphasized the company’s goal to provide secure, compliant custody services to support Ripple’s blockchain initiatives.
Market Significance And Potential
The launch of XRP custody services is expected to:
- Support developers in building applications on the XRP Ledger.
- Accelerate tokenization and stablecoin adoption in South Korea.
- Align with global trends where 10% of GDP could be tokenized by 2030, with digital asset custody potentially reaching $16 trillion.
Beyond Ripple, BDACS has also partnered with Avalanche, Polymesh, and Woori Bank, and participates in blockchain projects within Busan’s regulation-free zone.
XRP and RLUSD
- XRP: The native token of the XRP Ledger, a Layer 1 blockchain designed for fast, low-cost, and scalable transfers of digital and tokenized assets.
- RLUSD: Ripple’s stablecoin backed by U.S. dollar reserves, aimed at enterprises and financial institutions.