Ripple Expands XRP, RLUSD adoption in South Korea
Ripple’s presence in the Asia-Pacific (APAC) region is growing with a new partnership in South Korea.
The new partnership will utilize South Korea’s thriving cryptocurrency regulatory environment, including the Busan blockchain regulation-free zone.
BDACS, a South Korean institutional crypto storage provider, has teamed with the enterprise blockchain company to enable institutional custody for XRP and Ripple’s US dollar-backed RLUSD stablecoin.
BDACS will integrate Ripple Custody, the company’s storage service, to safeguard XRP, RLUSD, and other digital assets for South Korean financial institutions. Ripple president Monica Long emphasized the importance of institutional-grade custody given the rise in corporate interest in cryptocurrencies.
In a statement, Long expressed his excitement about Ripple Custody planting another flag in APAC with BDACS for XRP and RLUSD, saying, “South Korea is preparing for a wave of institutional crypto adoption.” Harry Ryoo, CEO of BDACS, commented on the news and stated that his organization is dedicated to offering safe infrastructure for cryptocurrency use by institutions.
“BDACS will help Ripple’s innovative blockchain efforts by offering a safe and dependable custody solution. In the end, this collaboration would allow both businesses to improve and grow the ecosystem of digital assets,” Ryoo stated.
Interestingly, Korean regulators are now working to clarify rules governing companies’ involvement in stablecoins and cryptocurrency assets.
Ripple claims that the partnership complies with the Financial Services Commission’s (FSC) regulatory approval roadmap in South Korea.
The firm clarified: “This partnership will leverage synergies with Busan, Korea’s blockchain regulation-free zone, expand the usability of Ripple’s stablecoin (RLUSD), and support the growth of XRPL developers and its ecosystem.”. “
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals