Ripple signs partnership with custodian BRACS to expand presence in South Korea
BDACS partners with Ripple to enhance digital asset custody in Korea.
BDACS, a leading digital asset custody firm based in Korea, has signed a strategic partnership with Ripple to leverage its Ripple Custody platform for secure storage of XRP, RLUSD, and other crypto assets.
The agreement was announced on February 26 and comes as part of the Financial Services Commission’s new roadmap designed to enhance regulatory approval for institutional participation in the digital asset market.
Under the deal, BDACS will utilize Ripple Custody’s institutional-grade software to safely manage digital assets while adhering to bank-level security standards. Ripple, with over a decade of experience in the digital asset space and 60+ regulatory licenses worldwide, is poised to provide the core services that financial institutions need to tokenize, store, exchange, and move digital assets.
Strengthening the Digital Asset Ecosystem
According to BDACS CEO Harry Ryoo, the partnership will not only expand custody services but also support the growth of XRP Ledger (XRPL) developers and ecosystem partners. “BDACS will provide a secure and reliable custody service to support Ripple’s pioneering blockchain initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem,” Ryoo said.
The collaboration is expected to open up new commercial opportunities, particularly as BDACS has rapidly expanded its presence in areas like tokenized securities and real-world asset tokenization through strategic partnerships with major protocols such as Avalanche and Polymesh. In December 2024, BDACS further strengthened its market position by partnering with Woori Bank, one of Korea’s leading commercial banks, to advance digital asset custody services.
Regulatory Momentum and Future Prospects
South Korea’s increasingly favorable regulatory environment is driving demand for specialized digital asset custody solutions. With the country’s framework now supporting corporate participation in digital assets and establishing guidelines for stablecoin operations, BDACS is well-positioned to capitalize on this trend.
Ripple’s technology, which supports multiple blockchain integrations, will allow BDACS to offer comprehensive custody services not only for XRP and RLUSD but also for a broader range of tokens, potentially paving the way for further innovation in digital finance. As institutions in Korea and beyond seek to navigate a rapidly evolving crypto landscape, this partnership underscores a significant step toward bridging traditional finance and decentralized technology.
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