
Licensed South Korean crypto custodian BDACS has launched institutional custody services for XRP, reinforcing its strategic partnership with Ripple and aligning with the country’s evolving regulatory framework for digital assets. The move provides institutional investors with secure, compliant access to one of the world’s most actively traded cryptocurrencies via Ripple Custody, Ripple’s enterprise-grade storage solution.
Announced via BDACS’s X account on August 5, the rollout enables institutions to store and manage XRP while leveraging integrations with Korea’s leading exchanges—Upbit, Coinone, and Korbit—ensuring seamless deployment of assets across regulated platforms.
This launch follows a February 2025 partnership between BDACS and Ripple, which also includes custody support for RLUSD, Ripple’s USD-backed stablecoin. Ripple emphasized that the collaboration supports South Korea’s Financial Services Commission roadmap, particularly in fostering institutional crypto adoption and enhancing blockchain experimentation in Busan’s regulation-free zone.
Ripple highlighted forecasts projecting that the global crypto custody market could exceed $16 trillion by 2030, with tokenized assets expected to comprise up to 10% of global GDP. These figures underscore the growing institutional demand for regulated digital asset infrastructure.
Agne Linge, head of growth at decentralized finance platform WeFi, noted the intensifying political interest in legitimizing digital assets within South Korea’s financial system. Linge also pointed to Asia’s rising interest in XRP, citing data that shows 80% of Japanese banks are exploring its use for international payments.
Meanwhile, a recent study by the Hana Institute of Finance revealed that over 25% of South Koreans aged 20–50 own cryptocurrency, with digital assets comprising 14% of their financial portfolios. Investors in their 40s represent the most active demographic, with a 31% participation rate, followed closely by those in their 30s and 50s. Moreover, 70% of respondents indicated intentions to increase their crypto exposure, while 42% would feel more confident doing so if traditional banks played a larger role in the sector.
Traditional financial institutions are taking note. Major South Korean banks—including Kakao Bank, Kookmin Bank, and Industrial Bank of Korea—have reportedly filed trademark applications for Korean won–denominated stablecoins, signaling a significant shift toward integrating digital assets into the national banking system.