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XRP Surges – BDACS Launches Institutional XRP Custody in South Korea
XRP Surges – South Korea’s licensed crypto custodian BDACS has announced the official launch of XRP custody services, marking the first tangible outcome of its partnership with Ripple revealed earlier in February 2024. This move enables institutional investors in South Korea to securely and compliantly hold XRP, one of the country’s most popular digital assets.
In a recent tweet, BDACS emphasized that XRP ranks among the most widely held cryptocurrencies in South Korea, and its new custody solution is tailored to meet the rigorous standards required by institutional players. The custody service utilizes Ripple Custody, a platform specifically designed for institutional-grade asset management, to securely store and manage both XRP and Ripple’s enterprise-focused stablecoin, RLUSD.
Seamless Access Through Major Korean Crypto Exchanges
This launch follows BDACS’s successful integration with South Korea’s leading crypto exchanges—Upbit, Coinone, and Korbit—allowing institutions seamless access to XRP across the country’s most liquid and trusted trading venues. These integrations further cement BDACS’s role as a key player in facilitating institutional adoption of digital assets within the region.
BDACS stated that its collaboration with Ripple is fully aligned with South Korea’s Financial Services Commission’s regulatory roadmap, which seeks to accelerate institutional adoption and foster innovation in the digital asset space. Beyond custody, BDACS is committed to advancing innovation on the XRP Ledger (XRPL), with particular focus on tokenization and stablecoin applications.
Market Research Highlights Custody’s Future Role
Market research forecasts that crypto custody services could manage up to $16 trillion in assets by 2030, with tokenized assets potentially accounting for 10% of global GDP. Fiona Murray, Ripple’s Asia-Pacific Managing Director, noted that the partnership reflects the rising institutional demand amid shifting regulatory landscapes in the Asia-Pacific region.
BDACS CEO Harry Ryoo commented on the partnership:
“BDACS will provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem.”
Besides XRP, BDACS remains active in Busan’s blockchain regulatory sandbox and has formed partnerships with other blockchain projects like Avalanche and Polymesh, signaling its broader commitment to advancing blockchain infrastructure in South Korea.
XRP Market Surge and Media Spotlight
As institutional infrastructure for XRP strengthens, the token’s market performance has garnered global attention. XRP recently surged past $3.6, reaching new all-time highs after a remarkable 500% rally following the US elections.
However, this surge coincided with a controversial article by USA Today, which praised XRP’s utility and positive regulatory outlook but controversially labeled XRP a former “meme coin.” This characterization drew significant backlash from the crypto community, given XRP’s established utility and institutional focus.
Historically, glowing mainstream media coverage, especially from outlets like The Motley Fool (which influenced the USA Today article), has often coincided with market peaks. This pattern has led some market observers to view the recent positive press as a potential signal of a market top for XRP in 2025.
What This Means for XRP and Institutional Crypto
The launch of institutional XRP custody by BDACS represents a key milestone in South Korea’s crypto adoption journey, bridging the gap between retail enthusiasm and regulated, professional-grade asset management. With strong government regulatory support and growing infrastructure, XRP’s role in Asia-Pacific’s digital economy could continue to expand.
At the same time, market watchers remain cautious, noting that exuberant media coverage often precedes corrections. As the crypto market evolves, the intersection of institutional adoption, regulatory clarity, and public sentiment will play a crucial role in shaping XRP’s trajectory.
South Korea’s leading crypto custodian BDACS officially launches XRP custody, fueling institutional adoption amid XRP’s recent market surge and controversy.
