BDACS Partners with Ripple Custody for Enhanced Crypto Storage Solutions
On Wednesday, the institutional cryptocurrency storage firm BDACS announced a strategic partnership with Ripple, a prominent payments company, to utilize Ripple Custody. This innovative storage service will be employed to secure institutional holdings of XRP and the dollar-pegged stablecoin RLUSD. The collaboration is set to strengthen Ripple’s ecosystem, promote the adoption of RLUSD, and leverage the blockchain-friendly economic environment of South Korea’s port city, Busan.
Ripple Custody offers robust software infrastructure designed for crypto custodians, exchanges, and similar businesses, enabling them to securely store, manage, and access cryptocurrencies with enhanced safety protocols. This partnership comes at a crucial time as South Korean authorities are working diligently to clarify regulations regarding corporate participation in the cryptocurrency and stablecoin sectors.
In a recent update, Ripple shared plans to enhance the XRP Ledger network by incorporating additional compliance features and expanding lending capabilities, among other functionalities. These enhancements will complement existing features on the network, such as the clawback feature, which allows issuers to reclaim tokens associated with illicit activities, as well as ongoing tests related to decentralized identity.
As of now, XRP has seen a decline of 2.2% over the past 24 hours, reflecting a broader downturn in the cryptocurrency market.
