BDACS Forms Strategic Partnership with Ripple... "Providing Institutional-Grade Custody Services"
Summary
- BDACS announced that it will provide custody services for XRP and RLUSD for institutional investors through its partnership with Ripple.
- This will expand domestic technical and business opportunities and is expected to play an important role in the rapid growth of Korea's virtual asset market.
- BDACS is already expanding its presence in the global digital asset market through cooperation with mainnets such as Avalanche and Polymesh.
Digital asset custody company BDACS announced on the 27th that it has formed a strategic partnership with digital asset infrastructure company Ripple.
This partnership aims to ▲provide custody services for XRP and RLUSD for institutional investors, ▲support XRPL (XRP Ledger) developers and ecosystem growth, ▲expand the usability of stablecoin (RLUSD), and ▲create synergy effects with Busan, a blockchain regulatory special zone. Through this, they aim to advance the institutional-level custody market and expand domestic technical and business opportunities.
Specifically, BDACS plans to utilize Ripple Custody, which provides infrastructure for virtual asset (cryptocurrency) managers, exchanges, and OTC trading. Regarding this partnership, BDACS CEO Hong-yeol Ryu stated, "We will provide safe and reliable custody services, and ultimately, this will serve as an opportunity for both companies to advance and expand the digital asset ecosystem."
Accordingly, BDACS will support both XRP and RLUSD. XRP is a digital asset designed for payment purposes and is the native token of the XRP Ledger. RLUSD is an enterprise-grade USD-based stablecoin developed with a focus on reliability, flexibility, and compliance.
Fiona Murray, Ripple's Head of Asia Pacific Region, said, "We are pleased to be able to provide Ripple's custody solution to Korean institutional investors through our partnership with BDACS," adding that "this partnership will be an important step in expanding the digital asset ecosystem as the virtual asset market rapidly grows and new opportunities emerge under the Financial Services Commission's regulatory roadmap."
Meanwhile, BDACS is expanding its presence in the global digital asset market through partnerships with major mainnets such as Avalanche and Polymesh in areas including Security Token Offering (STO) and Real World Asset tokenization (RWA). Additionally, BDACS established a partnership with Woori Bank regarding digital asset custody business last December.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
