Overview

The institutional crypto storage firm BDACS announced its intent to utilize Ripple Custody’s service for safeguarding its institutional XRP and RLUSD cryptocurrency assets. The initiative aims to enhance Ripple’s ecosystem and promote RLUSD adoption, benefiting from the blockchain-supportive economic landscape of Busan, South Korea.

Key Highlights:

• The partnership is designed to strengthen Ripple’s environmental reach, particularly for the RLUSD stablecoin.
• Ripple is set to bolster compliance features within the XRP Ledger, facilitating a better lending framework.
• The move is in alignment with the growing regulatory clarity being established by Korean authorities surrounding corporate engagement with digital currencies.

Market Reaction

As a part of the market’s response, XRP has seen a decline of 2.2% in the last 24 hours, reflecting broader market trends.