Ripple and BDACS Launch Institutional XRP Custody in South Korea, Signaling Regulatory-Driven Expansion

On August 5, 2025, Busan Digital Asset Custody Service (BDACS) officially launched XRP custody services for institutional clients in South Korea. The launch follows a partnership announced with Ripple Labs on February 26, 2025, and marks a major step in Ripple’s ongoing Asia-Pacific expansion strategy.

Powered by Ripple Custody, the service enables secure, regulation-compliant storage of XRP and integrates seamlessly with top Korean exchanges including Upbit, Coinone, and Korbit. The initiative supports South Korea’s Financial Services Commission (FSC) roadmap to encourage institutional participation in the digital asset sector.

BDACS emphasized XRP’s strong popularity among Korean retail investors, naming it one of the most actively traded tokens on local exchanges. By addressing long-standing compliance and custody barriers, the new service opens the door for broader institutional adoption of XRP.

Fiona Murray, Ripple’s Managing Director for Asia Pacific, noted that the collaboration came at a time of rising market activity and evolving regulatory conditions in South Korea.

Ripple’s Strategic Expansion: RLUSD, Tokenization, and Custody Infrastructure

Beyond XRP, the partnership aims to support Ripple’s broader blockchain ambitions, including the development of RLUSD, a USD-backed stablecoin built on the XRP Ledger.

BDACS’s infrastructure enables tokenization and digital asset custody at scale, forming a critical foundation as Ripple targets more enterprise use cases in the region.

The global crypto custody market is projected by some analysts to grow significantly, with estimates reaching up to $16 trillion by 2030. BDACS’s participation in the Busan blockchain regulatory-free zone further enhances its positioning as a national hub for institutional blockchain infrastructure.

BDACS CEO Harry Ryoo emphasized the company’s focus on delivering secure and compliant custody services that align with Ripple’s blockchain initiatives and the broader digital asset ecosystem in South Korea.

The integration with major exchanges allows seamless transition between custody and trading, improving XRP’s utility in cross-border payment systems. On August 6, XRP traded at $2.99, registering a 2.35% gain over the previous 24 hours.

South Korea continues to emerge as one of the most progressive crypto markets in Asia, supported by regulatory clarity and deepening institutional interest.

The launch of XRP custody aligns with similar moves by traditional financial players — such as Kakao Bank’s exploration of a won-backed stablecoin — indicating stronger ties between digital assets and conventional finance.