South Korean crypto custodian BDACS has officially launched institutional custody services for XRP, following its earlier partnership with Ripple. The move provides regulated access for institutions looking to store and manage one of the world’s most actively traded digital assets.
Institutional Support Strengthens Ripple’s Position in Korea
BDACS announced the rollout of XRP custody support via its official X account on Tuesday. The launch comes after the custodian’s February partnership agreement with Ripple Labs. Through Ripple Custody, an enterprise-grade custody solution, institutional clients can now securely manage their XRP holdings.
“We’re thrilled to offer custody support for XRP, one of the most popular digital assets in Korea, to our institutional clients,” BDACS stated. “This launch strengthens our long-standing partnership with Ripple and underscores our commitment to the Korean market.”
The custodian also noted recent integrations with South Korea’s top exchanges, including Upbit, Coinone and Korbit. These integrations enable institutions to deploy XRP across major trading platforms in full regulatory compliance.
Ripple’s Strategic Move in Asia’s Crypto Market
Earlier this year, Ripple partnered with BDACS to bolster institutional support for XRP and Ripple’s US dollar-backed stablecoin, RLUSD. The collaboration is seen as a key step aligned with South Korea’s evolving regulatory framework for institutional crypto adoption, as outlined by the country’s Financial Services Commission.
XRP goes live on BDACS. Source: BDACS
Ripple highlighted the potential of the XRP Ledger ecosystem and the broader use cases for RLUSD, especially in the Busan blockchain regulation-free zone. The company cited projections estimating that the global crypto custody market could grow to $16 trillion by 2030, with tokenised assets potentially representing 10% of global GDP.
Agne Linge, head of growth at decentralised on-chain bank WeFi, commented that South Korea’s policymakers are showing increasing interest in incorporating digital assets into the formal financial system. “XRP is becoming a strong infrastructure candidate in Asia,” she said. Linge also pointed to similar trends in Japan, where reports indicate that around 80% of Japanese banks are preparing to use XRP for international payments.
South Korea’s Crypto Adoption Continues to Rise
Recent data from the Hana Institute of Finance shows that over 25% of South Koreans aged 20 to 50 hold digital assets, with crypto comprising 14% of their financial portfolios. The highest participation rate was recorded among those in their 40s, at 31%, followed closely by individuals in their 30s and 50s.
The report also highlights growing confidence in cryptocurrency as a tool for long-term wealth creation, particularly in retirement planning. Seventy percent of respondents stated their intention to increase their exposure to crypto, with 42% saying they would feel more secure doing so if traditional banks played a more active role in the sector.
Traditional Banks Enter the Crypto Space
The momentum around digital assets in South Korea has not been limited to retail investors. Several traditional financial institutions are also making moves in the crypto space. At least three major banks — Kakao Bank, Kookmin Bank and the Industrial Bank of Korea — have filed for trademarks related to Korean won-backed stablecoins.
This growing convergence between traditional finance and digital assets further supports Ripple’s efforts to establish XRP as a central player in Asia’s financial infrastructure. The launch of institutional custody services through BDACS marks another significant step in Ripple’s strategy to expand its presence in key Asian markets.
