XRP is now live on Bdacs, a regulated cryptography guardian for the South Korean institutions, marking the first concrete result of the Ripple guard partnership announced in February.
Bdacs spoke of the launch in a post made on August 5 on X. The firm said that it will provide police custody for XRP, which he described as one of the most popular digital assets in South Korea. This update follows a partnership announced on February 26 with Ripple, the blockchain company based in the United States which developed the Ledger XRP and its native token.
When the partnership was announced in February, BDACCs said that the agreement was aligned on the roadmap of the South Korea Financial Services Commission, which aims to extend institutional participation in the country’s digital asset market.
At the time, the firm said that it would support both XRP and Rlusd, the stablecoin of Ripple US Dollar de Ripple, using Ripple Cuppy, a software platform designed for institutions to store and manage digital assets in complete safety. The launch of August 5 puts this plan into force, giving institutional customers regulated access to XRP in South Korea.
In the press release of February 26, BDACS said that the partnership was intended to help developers rely on the large XRP book and extend use cases for tokenization and adoption of stablescoin. The company has also cited research projecting that the warning of cryptography could reach 16 billions of dollars in assets by 2030 and that 10% of world GDP could be tokenized by then.
At the time, Fiona Murray, director general of Ripple for the Asia-Pacific region, said that collaboration came in the midst of an increasing market activity and the evolution of regulatory conditions in South Korea. The CEO of BDACS, Harry Ryoo, said that the company was aimed at providing secure and compliant childcare services to support Ripple’s blockchain initiatives.
XRP is the native token of the large XRP book, a layer 1 blockchain designed for evolutionary transfers at low cost of digital and tokenized assets. Rlusd is the stablecoin of Ripple, supported by reserves of a dollar and intended for companies and financial institutions.
Bdacs also joined forces with Avalanche, Polymesh and Woori Bank, and participates in projects in the unscathed area of Blockchain in Busan. In its February press release, the cabinet said that its collaboration with Ripple has supported efforts to extend institutional childcare services in the regulatory framework of Korea.
At the time of writing time, XRP was traded at $ 2.97, down 3.4% in the last 24 hours, according to Coindesk data.
