Ripple and BDACS Introduce XRP Vaulting Services in South Korea
In a strategic move to bolster institutional adoption of XRP in South Korea, Ripple has partnered with BDACS, a regulated South Korean crypto custodian. This collaboration, announced in February 2025, launched XRP custody services on August 5, 2025.
The partnership enables South Korean institutions to securely hold and transact XRP and Ripple's US dollar-pegged stablecoin, RLUSD, under compliance with South Korea's Financial Services Commission (FSC) regulations.
BDACS, located within Busan's blockchain regulation-free zone, uses Ripple Custody, a secure custody solution, to manage XRP and RLUSD holdings. This platform offers multi-signature wallets and transaction controls that comply with institutional and custodian standards.
The partnership is timely, given the rising interest from institutions and shifting regulations in the region. Ripple has been focusing on real-world uses for tokenization, especially with the launch of its RLUSD stablecoin.
South Korea has a high crypto participation rate, with studies showing a large portion of the population owning digital assets, particularly in the 30s to 50s age groups. Regulatory clarity and rising market activity in South Korea have driven demand for compliant institutional services.
With XRP added to its custody offerings, BDACS is positioning itself at the heart of South Korea's institutional crypto infrastructure. The expansion of XRP custody services supports Ripple’s blockchain initiatives, including tokenization and stablecoin adoption on the XRP Ledger (XRPL), and is supported by BDACS’s integration with Korea’s major crypto exchanges (Upbit, Coinone, Korbit) which facilitate liquidity and institutional access.
Industry research suggests that up to 10% of global GDP could be tokenized by 2030. Digital asset custody is expected to reach $16 trillion in value by 2030, highlighting the strategic importance of the collaboration in the region.
Fiona Murray, Ripple’s Asia-Pacific managing director, and BDACS CEO Harry Ryoo have both commented on the partnership. Murray highlighted growing institutional demand amid regulatory evolution as a catalyst for the partnership. Ryoo emphasized BDACS's mission to provide secure, regulated custody services to bolster Ripple’s blockchain ecosystem and regulatory compliance in South Korea.
In summary, Ripple and BDACS’s partnership is a significant step in facilitating regulated XRP custody for South Korean institutions, aligning with local regulatory developments, and expanding XRP’s utility in institutional and cross-border financial applications.
- The collaboration between Ripple and BDACS in South Korea enables institutions to securely hold and transact XRP and RLUSD, adhering to South Korea's Financial Services Commission (FSC) regulations.
- BDACS, utilizing Ripple Custody, a secure custody solution within Busan's blockchain regulation-free zone, offers multi-signature wallets and transaction controls that comply with institutional and custodian standards.
- The partnership between Ripple and BDACS is strategically important, given the expected growth in digital asset custody, which is projected to reach $16 trillion in value by 2030, according to industry research.
