Ripple has formed a strategic partnership with BDACS, a South Korean crypto storage firm, to enhance institutional custody for XRP and its RLUSD stablecoin. This collaboration aims to leverage South Korea's favorable crypto regulatory environment, particularly in Busan's blockchain regulation-free zone. Ripple's president, Monica Long, highlighted the importance of institutional-grade custody amid growing enterprise interest in crypto. BDACS CEO Harry Ryoo emphasized the partnership's role in expanding the digital asset ecosystem. This move aligns with South Korea's Financial Services Commission's regulatory roadmap and supports the growth of XRPL developers. Ripple's efforts to expand beyond payments into other crypto sectors are part of a broader strategy, with expectations of significant growth in the custodied cryptocurrency market by 2030. The XRP cryptocurrency is poised for potential growth, especially as Ripple's legal issues with the U.S. SEC may soon conclude.

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San Francisco-based Ripple continues to expand its presence in the Asia–Pacific (APAC) region with a new partnership in South Korea.The new partnership aims to capitalize on South Korea’s thriving crypto regulatory landscape, including the blockchain regulation-free zone in Busan.BDACS And Ripple Team Up For Crypto CustodyThe enterprise blockchain company hassigneda strategic partnership with BDACS, a South Korean institutional crypto storage firm, to support institutional custody for XRP and Ripple’s US dollar-backed RLUSD stablecoin.As part of the partnership, BDACS will integrate Ripple Custody, the firm’s storage service, to secure XRP, RLUSD, and other digital assets for financial institutions in South Korea.Ripple president Monica Long emphasized the significance of institutional-grade custody amid increasing 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 opined in astatement.Commenting on the development, BDACS CEO Harry Ryoo said his company is committed to providing 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 Navigating South Korea’s Crypto Regulatory LandscapeNotably, Korean authorities are currently attempting to make clearer regulations for corporate participation in crypto assets and stablecoins.According to Ripple, the new partnership aligns with South Korea’s Financial Services Commission’s (FSC) roadmap for regulatory approval. The firm explained:“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.”This move is part of Ripple’s effort to expand its offerings beyond payments into other crypto-related sectors. AsZyCryptoreported previously, the total amount of custodied cryptocurrencies is forecasted to reach $16 trillion by 2030. This rosy prediction is fueled by the expectation that 10% of the world’s GDP would be tokenized by then.As you may recall, Rippleacquired crypto custody provider Metacofor a total of $250,000 back in May 2023. Last October, the blockchain startuplaunchednew services aimed at helping banks store digital assets on behalf of clients — as a broader push into custody.The XRP cryptocurrency could be finally ready to rocket as Ripple makes further inroads into the mainstream arena amidspeculationthat the long-drawn-out lawsuit with the U.S. Securities and Exchange Commission is about to end.At press time, the coin is trading hands for around $2.14, a 1.4% drop on the day. Once bullish momentum returns, it won’t be long until XRP crosses the elusive $3 threshold and eventuallyreaches $10.

Ripple partners with South Korea's BDACS to promote XRP and RLUSD custodial services