XRP, one of the most liquid currencies in South Korea, is now officially accepted by BDACS, a regulated digital asset custody service. This translates to the fact that institutions such as banks or big investment companies in Korea are able to now hold and utilize XRP in a safe and completely legal manner.
BDACS is already integrated with leading Korean crypto exchanges such as Upbit, Coinone, and Korbit. With XRP now on the platform, institutions are able to utilize XRP on all of these exchanges without running afoul of local regulations.
Prior to this, institutions in Korea needed to access XRP via offshore or piecemeal services. Now, courtesy of BDACS, they can access it straight within Korea’s domestic law. It is convenient and secure for large players who wish to deal with XRP.
XRP Gains Traction in South Korea
XRP remains the master of South Korea’s crypto market, being one of the most-traded assets on major exchanges. On Upbit, it accounts for more than 19% of trading volume (approximately $671 million per day). On Bithumb, it accounts for 16% with approximately $242 million per day in trades.
This action indicates the increasing collaboration between Ripple (the entity that owns XRP) and Korean institutions. Ripple is now better positioned to extend its operations in Korea more seamlessly, leveraging existing infrastructure rather than creating new ones.
The addition of XRP in BDACS is a large step for XRP and Ripple in South Korea. It makes institutional adoption of XRP more viable and regulated, solidifying its stronghold in the nation’s crypto market.
Also Read: XRP Dominates Trading Volume on South Korea’s Upbit
