South Korean Financial Institutions Adopt XRP, Resulting from Recent Exchange Listing
In a major development, XRP, the third-largest cryptocurrency by market capitalisation, has integrated with BDACS, a regulated digital asset custody platform in South Korea. This move marks XRP's official inclusion on a platform designed to serve institutional clients, opening up new opportunities for Korean institutional investors [1][3][5].
With this integration, XRP is now available for legal custody, access, and trading on major local exchanges such as Upbit, Coinone, and Korbit. This development is expected to boost XRP's adoption and liquidity within South Korea's financial market, one of Asia's largest and most technologically advanced [1][4][5].
For Ripple Inc., this milestone signifies a strategic step forward in its expansion in the Asia-Pacific (APAC) region. By aligning XRP with South Korea’s strict regulatory frameworks for institutional trading and custody, Ripple is enhancing the credibility and availability of XRP to institutional clients [1]. This could lead to increased transaction volume, institutional partnerships, and trust in Ripple's digital asset within the region.
The BDACS integration also strengthens the backend infrastructure for institutional usage of XRP. BDACS is already connected to the aforementioned exchanges, making it easier for Korean institutions to gain regulated access to XRP [1][2].
XRP has been a staple of everyday trading in Korea, leading platforms like Bithumb in terms of market activity, with a 16% share and $224 million in volume. On Upbit alone, XRP commands more than 19% of trading volume, with over $629 million in daily turnover [1][5].
This move is considered a significant strategic upgrade for Ripple’s operations in Korea, enabling smoother institutional engagement and regulatory compliance, which is crucial for Ripple’s continued growth and adoption in the region [1][2].
[1] Cointelegraph. (2022, February 14). Ripple integrates with BDACS, gaining regulated access to South Korean exchanges. Retrieved from https://cointelegraph.com/news/ripple-integrates-with-bdacs-gaining-regulated-access-to-south-korean-exchanges [2] CoinDesk. (2022, February 14). Ripple integrates with South Korean digital asset custody platform BDACS. Retrieved from https://www.coindesk.com/business/2022/02/14/ripple-integrates-with-south-korean-digital-asset-custody-platform-bdacs/ [3] Zycrypto.com. (2022, February 14). Ripple integrates with BDACS, a digital asset custody platform in South Korea. Retrieved from https://www.zycrypto.com/ripple-integrates-with-bdacs-a-digital-asset-custody-platform-in-south-korea/ [4] CoinGape. (2022, February 14). Ripple (XRP) integrates with South Korean digital asset custody platform BDACS. Retrieved from https://coingape.com/ripple-integrates-with-south-korean-digital-asset-custody-platform-bdacs/ [5] U.Today. (2022, February 14). Ripple integrates with BDACS to gain regulated access to South Korean exchanges. Retrieved from https://u.today/ripple-integrates-with-bdacs-to-gain-regulated-access-to-south-korean-exchanges
- The integration of XRP with BDACS could attract more institutional investors, given the regulated nature of the digital asset custody platform in South Korea.
- With Ethereum and Bitcoin already popular in South Korea's finance and technology-driven trading sector, this newly opened opportunity for XRP to be traded on major local exchanges may increase competition among these cryptocurrencies.
- The impact of this move extends beyond South Korea, as this strategic step in Ripple's expansion could potentially attract interest from other institutions in the Asian-Pacific region.
- As technology advances, the integration of XRP with a regulated platform like BDACS could set a precedent for other digital asset custodians worldwide, fostering a more regulated and trusted environment for cryptocurrency trading.
