Ripple Labs has partnered with South Korean custodian BDACS to offer institutional-grade custody for XRP, RLUSD, and other crypto assets. Announced on February 26, this strategic partnership will integrate Ripple Custody into BDACS, enhancing security for financial institutions in South Korea. Ripple's president, Monica Long, emphasized the importance of institutional-grade custody amid rising enterprise interest in crypto. The partnership aligns with South Korea's regulatory roadmap for institutional crypto participation and aims to expand Ripple's ecosystem and stablecoin usability. BDACS CEO Harry Ryoo highlighted the commitment to secure infrastructure for institutional adoption. Ripple Custody anticipates the total custodied cryptocurrencies to reach $16 trillion by 2030. Additionally, Ripple Labs plans to develop an institutional DeFi ecosystem on the XRP Ledger, including a decentralized exchange, lending protocol, and new token standard.

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Ripple Labs has signed a strategic partnership with BDACS, a South Korean digital asset custody provider, to support institutional custody for XRP and Ripple USD. The partnership, announced on Feb. 26, will enable BDACS to integrate Ripple Custody,  the company’s institutional crypto and digital asset custody solution, to safeguard XRP ( XRP ), Ripple USD (RLUSD) and other crypto assets for financial institutions in South Korea. Ripple president Monica Long highlighted the importance of institutional-grade custody amid growing enterprise interest in crypto. “South Korea is gearing up for a wave of institutional crypto adoption — very excited for Ripple Custody to plant another flag in APAC with BDACS for XRP and RLUSD,” Long said in a statement . According to Ripple, the partnership aligns with the roadmap for regulatory approval of institutional participation set by South Korea’s Financial Services Commission (FSC). The company stated: “This partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple’s stablecoin (RLUSD), and leverage synergies with Busan, Korea’s blockchain regulation-free zone.” BDACS CEO Harry Ryoo said his firm is committed to ensuring a secure infrastructure for institutional crypto adoption. “BDACS will provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem,” Ryoo said. Ripple Custody said it expects the total amount of custodied cryptocurrencies to reach $16 trillion by 2030. Related: South Korea sanctions Upbit with 3-month ban on servicing new clients Alongside the partnership with the South Korean crypto custodian, Ripple Labs unveiled a new roadmap for building an institutional decentralized finance (DeFi) ecosystem on the XRP Ledger blockchain network. The proposal roadmap includes a permissioned decentralized exchange (DEX), a credit-based DeFi lending protocol and a new token standard, multi-purpose token (MPT), as shown in the graph above. XRP Ledger’s roadmap builds on top of existing infrastructure, including price oracles and an automated market maker. Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle 

Ripple collaborates with BDACS to provide XRP and RLUSD custody services in South Korea.