South Korean crypto custodian BDACS has officially launched institutional custody services for XRP. The service went live on August 5, following Ripple’s partnership agreement signed in February.
TL;DR
- BDACS launched XRP custody for Korean institutions following its Ripple partnership.
- The service integrates with South Korea’s leading exchanges, including Upbit, Coinone and Korbit.
- Korean crypto adoption stays high, with 25% of adults owning digital assets.
According to an announcement via its official X account, BDACS described XRP as one of Korea’s most popular digital assets among institutional investors. BDACS enables institutions to securely store and manage XRP holdings through Ripple’s custody infrastructure. The service addresses growing demand from Korean institutions seeking regulated exposure to digital assets.
The timing aligns with South Korea’s regulatory roadmap for institutional crypto adoption. The Financial Services Commission has outlined policies to expand institutional participation in the country’s digital asset market.
Integration with Leading Korean Exchanges
BDACS has integrated its custody services with South Korea’s leading cryptocurrency exchanges. This includes partnerships with Upbit, Coinone, and Korbit. Institutional clients can now deploy XRP across these platforms seamlessly.
BDACS emphasized that all transactions occur within Korea’s regulatory framework. This approach ensures transparency and security for institutional XRP holdings.
The custody solution supports both storage and active trading strategies. Institutions can access liquidity across multiple platforms while maintaining centralized custody controls. The integration reduces operational complexity for institutional XRP management.
Korean crypto adoption rates remains remarkable. According to a recent report from the Hana Institute of Finance, 25% of Koreans aged 20-50 own digital assets. The data further shows that Cryptocurrency represents 14% of this age groups financial portfolios on average.
According to the report, those in their 40s led participation at 31%, followed by people in their 30s at 28% and 50s at 25%.
Traditional Finance Sector Engagement
According to the Survey results 70% of Korean crypto holders plan to increase their exposure. However, 42% indicate they would expand holdings more readily if traditional banks offered greater involvement in the sector.
Korean banks are expanding their digital asset involvement beyond custody services. Kakao Bank, Kookmin Bank, and Industrial Bank of Korea have filed trademark applications for Korean won stablecoins.
The February partnership included plans for RLUSD custody support. RLUSD represents Ripple’s US dollar-backed stablecoin offering. The stablecoin custody capability will expand institutional options for digital dollar exposure.
At the time of writing, XRP was trading at $2.98, up 0.42% in the past 24 hours, according to data from CoinMarketCap.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/xrp-gains-institutional-access-in-south-korea-through-bdacs-custody-launch/