BDACS Partners With Ripple to Boost Digital Asset Custody in South Korea
BDACS, the first regulated digital asset custodian in South Korea, announced a strategic alliance with blockchain company Ripple on February 26, 2025. The partnership aims to expand secure custody services for XRP, RLUSD, and related cryptocurrencies, while fostering the growth of the digital asset ecosystem in the region.
Ripple and BDACS: The Convergence of Technology and Regulation
According to an announcement from Ripple, the agreement reflects South Korea’s strategy to integrate institutional digital assets into the national financial system. BDACS will integrate Ripple Custody—a custody platform designed with institutional-grade safeguards—to securely manage XRP and RLUSD, Ripple’s USD-pegged stablecoin.
In addition to providing advanced custody services, the partnership aims to support the growth of the XRP Ledger (XRPL) developer community, while expanding the potential for stablecoin applications in the blockchain ecosystem. BDACS CEO Harry Ryoo emphasized that the joint venture will provide “secure and reliable custody services” that will strengthen Ripple’s blockchain projects.
Fiona Murray, Managing Director of APAC at Ripple, also highlighted the agreement’s alignment with the dynamic cryptocurrency environment in South Korea. In particular, the initiative aligns with the Financial Services Commission’s (FSC) 2025 strategy to promote institutional participation in the digital asset space, including the development of a regulatory framework for stablecoins.
South Korea: A New Hub for Digital Assets
The partnership between BDACS and Ripple comes amid growing blockchain initiatives in South Korea. Busan City is currently launching a blockchain testbed that promises to drive wider adoption of the technology. BDACS, founded in 2022 and headquartered in Busan, has quickly risen to become one of the leading custodians in South Korea. It has also previously partnered with Woori Bank to perfect its digital asset solutions.
As for Ripple, the company continues to expand its global presence with over 60 international regulatory licenses, along with the acquisition of Standard Custody & Trust in 2024. This affirms Ripple's commitment to building a secure and trustworthy digital financial ecosystem.
Cryptocurrency Custody Market: A Billion Dollar Opportunity
According to forecasts, the global cryptocurrency custody sector could reach a size of $16 trillion by 2030, with tokenized assets potentially accounting for up to 10% of the world's total economic output. Experts say the deal between BDACS and Ripple could provide a boost to institutional adoption of XRPL and RLUSD, while also cementing South Korea’s position as a regulated digital asset hub.
This partnership not only combines BDACS’s local regulatory compliance capabilities with Ripple’s cutting-edge blockchain technology, but also helps attract international capital to the South Korean digital asset ecosystem. This could be a major step in shaping the future of the global digital asset custody industry.
