Institutional crypto storage firm BDACS said on Wednesday it will use Ripple Custody, a storage service by payments firm Ripple, for securing institutional holdings of XRP and dollar-pegged stablecoin RLUSD.
The collaboration aims to bolster Ripple’s ecosystem, enhance RLUSD adoption, and tap into South Korean port city Busan’s blockchain-friendly economic zone.
Ripple Custody provides software infrastructure for crypto custodians, exchanges, and more similar businesses to safely store, manage and access cryptocurrencies.
The move comes as Korean authorities are trying to make clearer regulations for corporate participation in cryptocurrencies and stablecoins.
Ripple said in a recent update that the XRP Ledger network will build out more compliance functions and expand lending, among other features. These are in addition to features already live on the network, including clawback — a feature allowing the issuer to reclaim tokens tied to illicit activity — to decentralized identity tests.
XRP is down 2.2% in the past 24 hours, in line with a broader market drop.