Ripple
Fintech firm Ripple has secured a strategic partnership with BDACS, a leading digital asset institutional custody firm in South Korea, marking a major milestone in Ripple’s global reach.
The two companies announced the development with much excitement, saying the partnership will support the growth of developers within the XRP Ledger’s ecosystem.
BDACS Hails New Partnership with Largest $XRP Holder
BDACS announced the collaboration Thursday, saying it will utilize Ripple Custody, Ripple’s institutional-grade software infrastructure for crypto custodians, OTC desks, and exchanges, ensuring clients can store, manage, and access their digital assets securely.
In particular, the partnership will allow BDACS to provide custody infrastructure services for XRP, RLUSD, and other cryptocurrencies, help drive growth within the XRPL ecosystem, and support collaboration for RLUSD development.
“BDACS will provide a secure and reliable custody service to support Ripple’s pioneering initiatives. Ultimately, this partnership will enable both companies to enhance and expand the digital asset ecosystem,” said BDACS CEO Harry Ryoo.
Likewise, Ripple was also ecstatic about the development, saying the partnership was “a major step in advancing the onchain economy in the region.”
“We’re excited to partner with BDACS to bring Ripple’s custody solution to institutional investors in South Korea. With the crypto market surging and new opportunities emerging under the FSC’s (Financial Services Commission) regulatory roadmap, we view this collaboration as critical step in expanding the digital asset ecosystem,” said Fiona Murray, Managing Director of APAC at Ripple.
How Has $RLUSD Performed Since Launch?
Ripple’s partnership with BDACS was very specific about supporting growth around RLUSD, Ripple’s challenge to Tether’s USDT stablecoin.
The stablecoin is still very far from reaching USDT’s market cap, but it has made major strides since launching in mid-December following its approval from the New York State Department of Financial Services (NYDFS).
RLUSD supply passed 120 million in supply earlier this month, signifying growth and increasing interest in the rising stablecoin.
Data from CoinGecko also showed that trading volume in the last 24 hours was beyond $136 million, further amplifying the growing number of RLUSD users. To compare, trading volume around USDS, the third-largest stablecoin by market cap, was at $24 million in the past day.
On the contrary, XRP, which has been trading places with USDT in terms of the overall crypto market’s Top 3 ranking in market value, has been struggling along with the rest of the cryptocurrency market in recent weeks.
The token is down 18% in the last seven days, in tandem with Bitcoin, which has lost over 11% in price in the past week and Ethereum, which bled 15% in the same period.
Ripple was trending overnight on X amid interest in the new collaboration.