XRP’s Growth in South Korea
XRP is making significant strides in South Korea’s crypto market, thanks to digital asset custodian BDACS, which has announced new support for this popular cryptocurrency. This development emerged from a post on August 5, where Ripple unveiled that its partnership with BDACS would facilitate institutional clients in South Korea to access and manage XRP via the BDACS platform. The firm expressed enthusiasm about this enhancement, remarking on XRP’s popularity among institutions in Korea and emphasizing their strong partnership with Ripple.
Integration with Leading Exchanges
Furthermore, BDACS highlighted the successful integration of XRP across several leading South Korean exchanges, including Upbit, Coinone, and Korbit. This integration is crucial as it allows institutional investors to trade XRP in a regulated environment, addressing the increasing demand for compliant crypto trading frameworks in the region. The company’s announcement reflects a notable trend in South Korea, where there is a rising call for regulated infrastructure to accommodate institutional players in the digital asset arena.
Commitment to Regulatory Compliance
The recent announcement is part of BDACS’ ongoing efforts to bolster its services in response to clearer regulatory guidance in South Korea. On February 26, BDACS solidified its commitment to the market by entering into a strategic collaboration with Ripple aimed at enhancing custody solutions and expanding digital asset infrastructure within the nation. Through this partnership, BDACS intends to utilize Ripple Custody for the secure management of XRP as well as other digital assets like RLUSD, thereby contributing to the overall growth of the XRP Ledger ecosystem.
Statements from Leadership
In statements about the collaboration, BDACS CEO Harry Ryoo assured stakeholders that the company would deliver secure and dependable custody services, supporting Ripple’s innovative blockchain efforts.
Fiona Murray from Ripple expressed excitement for this partnership, indicating that it would significantly benefit institutional investors in the South Korean market as they gain access to Ripple’s custody solutions for digital assets.
