Korean institutional investors are set to utilize Ripple’s custodial services for secure storage and management of XRP and stablecoin assets, marking a significant step towards strengthening the adoption of blockchain technology in South Korea.
The institutional crypto storage firm BDACS has announced that it will utilize Ripple Custody, a secure storage service provided by payments firm Ripple, to safeguard its holdings of XRP and the dollar-pegged stablecoin RLUSD.
This collaboration aims to strengthen Ripple’s ecosystem, promote the adoption of RLUSD, and tap into South Korea’s blockchain-friendly economic zone in Busan. By leveraging Ripple Custody, BDACS can ensure the secure storage, management, and access to its cryptocurrencies, aligning with the growing demand for institutional-grade solutions.
Ripple's ecosystem is a decentralized network that enables fast, secure, and low-cost international money transfers.
At its core is the XRP ledger, a distributed database that records transactions in real-time.
The ecosystem also includes On-Demand Liquidity (ODL), which allows financial institutions to provide liquidity to cross-border payments.
Additionally, Ripple's partner network consists of over 200 banks and payment providers worldwide, utilizing RippleNet for cross-border payments.
‘This collaboration aims to strengthen Ripple’s ecosystem, promote the adoption of RLUSD, and tap into South Korea’s blockchain-friendly economic zone in Busan.’
Ripple Custody offers software infrastructure designed specifically for crypto custodians, exchanges, and other similar businesses. This service enables the safe storage, management, and access of various cryptocurrencies, providing a reliable solution for institutions looking to manage their digital assets.
Ripple Custody is a secure, enterprise-grade wallet solution developed by Ripple, a leading provider of global financial settlement infrastructure.
It offers multi-asset support, allowing users to store and manage various cryptocurrencies, including XRP, in a single platform.
Ripple Custody utilizes advanced security features, such as cold storage and multi-signature wallets, to provide an additional layer of protection for digital assets.
The solution is designed to cater to institutional investors and financial institutions seeking secure and compliant storage options.
The move by BDACS comes as Korean authorities strive to establish clearer regulations for corporate participation in cryptocurrencies and stablecoins. ‘Ripple’s recent update highlights its commitment to building out compliance functions, expanding lending features, and implementing additional functionalities on the XRP Ledger network.’
XRP has experienced a 2.2% decline over the past 24 hours, mirroring the broader market downturn. However, this development serves as a testament to the growing adoption of Ripple’s ecosystem and the increasing importance of secure storage solutions for institutional investors.
