XRP is now live in BDACS, a regulated cryptographic custodian for South Korean institutions, which marks the first concrete result of the Ripple custody society announced in February.
BDACS spoke about the launch in a publication made on August 5 in X. The firm said it will offer custody support for XRP, which described as one of the most popular digital assets of South Korea. This update follows an association announced on February 26 with Ripple, the US company based in the US that developed the Ledger XRP and its native token.
When the association was announced in February, BDACS said that the agreement aligned with the road map of the South Korean Financial Services Commission, which seeks to expand institutional participation in the country’s digital asset market.
At that time, the firm said it would admit both XRP and RLUSD, the Stablecoin discompous in American Dollar of Ripple, using Ripple Custody, a software platform created for institutions to store and administer digital assets safely. The launch of August 5 puts that plan in force, providing institutional customers regulated to XRP in South Korea.
In the February 26 press statement, BDACS said the association was destined to support developers who are based on the Book Mayor XRP and help expand use cases for the token and adoption of Stablecoin. The firm also cited an investigation that projects that encryption custody could reach $ 16 billion in assets by 2030 and that 10% of global GDP could be touched by then.
At that time, Fiona Murray, managing director of Ripple for the Asia and Pacific region, said the collaboration occurred in the middle of the growing market activity and the regulatory conditions evolving in South Korea. The BDACS CEO, Harry Ryoo, said the firm was aimed at providing safe custody services to support Ripple’s blockchain initiatives.
XRP is the native token of the Book Mayor XRP, a layer of layers 1 designed for scalable transfers of low cost of digital and tokenized assets. Rlusd is the Ripple Stablinin, backed by dollar reserves and aimed at business and financial institutions.
BDACS has also associated with Avalanche, Polymesh and Woori Bank, and participates in projects within the Blockchain regulation free zone in Busan. In its February statement, the firm said that its collaboration with Ripple supported efforts to expand institutional custody services under the regulatory framework of Korea.
At the time of writing, XRP was quoted at $ 2.97, 3.4% in the last 24 hours, according to Coendesk data.
