South Korean crypto custodian BDACS has officially launched institutional custody support for XRP, following its February partnership with Ripple. This development offers regulated institutional access to one of the world’s most actively traded digital assets.
Announced Tuesday on BDACS’s official X account, the rollout allows institutions to securely store and manage XRP using Ripple Custody, Ripple’s enterprise-grade custody solution.
“We’re excited to provide custody support for XRP, one of Korea’s most popular digital assets, to our institutional clients,” BDACS stated. “This launch deepens our long-standing partnership with Ripple and reinforces our commitment to the Korean market.”
BDACS also noted its recent integrations with South Korea’s major crypto exchanges—Upbit, Coinone, and Korbit—enabling institutional clients to access and deploy XRP across leading platforms in full regulatory compliance.
Ripple and BDACS Partner to Launch Institutional XRP Custody Solution
Earlier this year, Ripple Labs partnered with South Korean crypto custodian BDACS to introduce institutional custody support for XRP and its U.S. dollar–backed stablecoin, RLUSD.
Ripple said the partnership aligns with South Korea’s regulatory framework for institutional crypto adoption, as outlined by the Financial Services Commission. The collaboration is also expected to bolster the XRP Ledger ecosystem and expand RLUSD use cases—particularly within Busan’s blockchain regulation-free zone.
The company pointed to industry projections estimating the crypto custody market could reach $16 trillion by 2030, with tokenized assets potentially representing 10% of global GDP.
“South Korean policymakers have shown strong interest in integrating digital assets into the formal financial system,” said Agne Linge, head of growth at decentralized onchain bank WeFi, in a statement to Cointelegraph.
Linge added that XRP is emerging as a key infrastructure asset in Asia, noting that Japanese banks are also showing strong interest—highlighted by reports suggesting 80% are preparing to adopt XRP for cross-border payments.
More Than 25% of South Koreans Aged 20–50 Own Cryptocurrency
A recent report from the Hana Institute of Finance found that one in four South Koreans aged 20 to 50 own digital assets, with cryptocurrencies accounting for 14% of their overall financial portfolios. Among the age groups, individuals in their 40s had the highest participation rate at 31%, followed by those in their 30s and 50s.
The study highlighted growing confidence in crypto as a long-term investment tool, particularly for retirement planning. Notably, 70% of respondents said they plan to increase their exposure to crypto, while 42% indicated they would be more likely to do so if traditional banks became more involved in the sector.
South Korea’s crypto enthusiasm is also influencing the traditional financial sector. At least three major banks—Kakao Bank, Kookmin Bank, and the Industrial Bank of Korea—have recently filed for trademarks related to Korean won–pegged stablecoins.
