Ripple Labs partners with BDACS to offer South Korean financial institutions secure storage services for XRP, Ripple USD (RLUSD), and multiple crypto assets. After the official announcement on February 26 BDACS can leverage Ripple Custody to give South Korean banking institutions better ways to protect their assets.
Monica Long from Ripple explained that enterprise interest in crypto goes hand in hand with secure institutional-grade storage options. Ripple President Monica Long expresses her anticipation for Ripple Custody to expand its services in Asia-Pacific through their partnership with BDACS.
Ripple Projects Crypto Market Growth
The partnership fits the South Korea Financial Services Commission’s plan to let financial institutions enter the crypto space officially. Ripple sees this collaboration as a way to enhance South Korea’s strength in digital asset management.
“This partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple’s stablecoin (RLUSD), and leverage synergies with Busan, Korea’s blockchain regulation-free zone.”
BDACS CEO Harry Ryoo confirmed that his company will continue developing secure services to help institutions participate in crypto markets. BDACS will maintain a safe cryptocurrency storage system to assist Ripple with blockchain innovation development.
These companies will grow and improve the digital asset market through their partnership Ryoo noted. Based on market projections XRP expects investments by institutions will grow the value of custodied cryptocurrencies to $16 trillion by 2030.
XRP Labs developed DeFi institutional growth plans while starting work on their XRP Ledger blockchain. The strategy involves creating authorized DEX trading software as well as introducing a DeFi credit system and Multi-Purpose Token standard.
The XRP Ledger development strategy extends its blockchain base to create price data feeds and automated trading tools that make DeFi more accessible to institutions. The adoption of digital assets by official institutions makes South Korea an important hub in the digital asset industry as shown by XRP partnership with BDACS.
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