Digital asset custody firm BDACS has announced a strategic partnership with global blockchain company Ripple. Through this collaboration, BDACS will provide institutional investors with custody solutions for XRP and Ripple’s stablecoin RLUSD, accelerating the growth of the digital asset ecosystem in South Korea.
What is BDACS? A Leading Digital Asset Custody Provider
BDACS is South Korea’s first institutional-grade digital asset custody provider, specializing in the secure storage and management of digital assets. By leveraging blockchain technology, BDACS enables financial institutions, enterprises, and investors to safeguard and manage their digital assets with robust security protocols and regulatory compliance.
As a trusted partner in South Korea’s financial and blockchain industries, BDACS has steadily expanded its presence through major partnerships, including recent collaborations with Avalanche, Polymesh, and Woori Bank for digital asset custody services.
Leveraging Ripple’s Custody Solutions for Institutional Investors
Through this partnership, BDACS will utilize Ripple’s custody solutions to offer institutional investors secure storage services for XRP and RLUSD. As the demand for reliable custody services grows in the digital asset market, BDACS aims to strengthen its competitive edge by collaborating with a globally recognized blockchain company.
BDACS CEO Ryu Hong-yeol emphasized the significance of this partnership, stating, “By working with Ripple, we aim to provide institutional investors in South Korea with a more secure and trustworthy digital asset custody service. This partnership marks an important milestone in advancing the domestic digital asset ecosystem.”
Supporting XRP Ledger Developers and Expanding RLUSD Use Cases
Another key focus of the partnership is supporting developers within the XRP Ledger (XRPL) ecosystem and expanding the adoption of RLUSD. BDACS plans to provide infrastructure and technical support to developers within the XRP Ledger network, fostering the growth of blockchain projects in South Korea.
Additionally, BDACS and Ripple are exploring ways to enhance the usability of RLUSD by enabling businesses and institutions to actively utilize the stablecoin in various financial applications.
Strengthening Collaboration with Busan Blockchain Regulatory Sandbox
BDACS and Ripple are also set to strengthen their collaboration with the Busan Blockchain Regulatory Sandbox, one of South Korea’s most prominent blockchain hubs. With various companies experimenting with blockchain-based financial services in Busan, BDACS aims to increase practical use cases and further integrate blockchain technology into the regional financial ecosystem through its partnership with Ripple.
