Ripple Cooperates with BDACS in South Korea for XRP, RLUSD and Co.

Ripple has entered into a strategic partnership with BDACS, a fintech company from South Korea that focuses on digital assets and institutional customers. The two Ripple altcoins XRP and RLUSD are also set to benefit from this.

For half a year, Ripple has been promoting its custody department, which takes care of the secure storage of digital assets such as XRP and RLUSD

News has just made the rounds that the German investment bank DekaBank is relying on Ripple Custody to expand its crypto division. Now Ripple has also found a strategic partner in South Korea with BDACS. In a press release, BDACS and Ripple point to the synergies that are expected to result from this.

Specifically, BDACS will initially use Ripple Custody for the custody of XRP and RLUSD, and other cryptocurrencies and digital assets could follow. The Busan special zone, a kind of sandbox for the blockchain economy in South Korea, is cited as a plus point. Reference is also made to forecasts that by the end of the decade, $16 trillion in cryptocurrencies and tokenized assets will need professional custody.

BDACS, with headquarters in the Busan zone, was founded in 2022 and received a license from the South Korean financial regulator last September, which allows the custody of XRP, RLUSD and Co. BDACS does not provide business figures.

Ripple had already put out feelers to South Korea several times in the past; in February 2020, for example, three cooperation partners were presented. In the meantime, however, Ripple has sharpened its profile; the stablecoin RLUSD, launched in December, is intended to attract new users and, as a digital representation of the US dollar, open up a wide range of use cases.

The success of RLUSD has so far been manageable; according to Ripple , the market capitalization has only reached a good $120 million. XRP, on the other hand, has experienced a powerful tailwind and a remarkable comeback thanks to Donald Trump’s election victory .

Conclusion: Ripple and BDACS in South Korea – door opener found?

BDACS already cooperates with Avalanche (AVAX) , Polymesh and other representatives of the crypto industry, so Ripple is not exclusive here. It remains to be seen whether BDACS will succeed in bringing XRP and RLUSD closer to institutional customers in South Korea.

Ripple is working on expanding its XRPL network with features that are suitable for the financial sector. Partnerships such as the one with BDACS for Ripple Custody are therefore not aimed at private customers, but rather at B2B. There is fierce competition here, because blockchain solutions and tokenization promise great growth potential with regard to the traditional financial sector, not just for Ripple, XRP and RLUSD.

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