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RIPPLE PARTNERS WITH BDACS FOR XRP, RLUSD CUSTODY IN SOUTH KOREA
Ripple Labs and South Korean custodian BDACS partner to offer institutional-grade custody for XRP, RLUSD and other crypto assets.
Ripple Labs has signed a strategic partnership with BDACS, a South Korean digital asset custody provider, to support institutional custody for XRP and Ripple USD.
The partnership, announced on Feb. 26, will enable BDACS to integrate Ripple Custody, the company’s institutional crypto and digital asset custody solution, to safeguard XRP, Ripple USD (RLUSD) and other crypto assets for financial institutions in South Korea.
Ripple president Monica Long highlighted the importance of institutional-grade custody amid growing enterprise interest in crypto.
“South Korea is gearing up for a wave of institutional crypto adoption — very excited for Ripple Custody to plant another flag in APAC with BDACS for XRP and RLUSD,” Long said in a statement.
Ripple aligns with South Korean regulatory requirement
According to Ripple, the partnership aligns with the roadmap for regulatory approval of institutional participation set by South Korea’s Financial Services Commission (FSC). The company stated:
“This partnership will support the growth of XRPL developers and its ecosystem, expand the usability of Ripple’s stablecoin (RLUSD), and leverage synergies with Busan, Korea’s blockchain regulation-free zone.” BDACS CEO Harry Ryoo said his firm is committed to ensuring a secure infrastructure for institutional crypto adoption.
“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.
Ripple Custody said it expects the total amount of custodied cryptocurrencies to reach $16 trillion by 2030.
Alongside the partnership with the South Korean crypto custodian, Ripple Labs unveiled a new roadmap for building an institutional decentralized finance (DeFi) ecosystem on the XRP Ledger blockchain network.
XRP Ledger’s roadmap builds on top of existing infrastructure, including price oracles and an automated market maker.
@ Newshounds News™
Source: CoinTelegraph
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RIPPLE OUTLINES FUTURE DEVELOPMENTS TO INSTITUTIONAL DEFI ON XRP LEDGER
Ripple has announced upcoming features for the XRP Ledger (XRPL) aimed at enhancing institutional decentralized finance (DeFi).
Key developments include expanded compliance functions, a new lending protocol that integrates with Ripple Payments and decentralized exchanges, and the introduction of Multi-Purpose Tokens (MPTs) for tokenized assets.
Additionally, the XRPL will see the launch of a permissioned decentralized exchange (DEX) and credentialing systems to facilitate secure trading environments.
These innovations are set to enhance programmability and streamline institutional onboarding, further positioning XRPL as a leader in regulated onchain finance.
@ Newshounds News™
Source: Bitcoin News
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