Monica Long, Ripple’s president, didn’t mince words about what’s coming. South Korea is gearing up for a massive wave of institutional crypto adoption, she claims. And with daily transaction volumes hitting a staggering 14.9 trillion won ($10.2 billion) last November, she might be onto something. The country outpaces even Hong Kong and Singapore in per capita trading. Impressive stuff.
The partnership couldn’t come at a better time. South Korea’s Financial Services Commission is actively developing a regulatory roadmap for corporate crypto participation. They’re strict—just ask anyone trying to launch an exchange there—but they’re moving forward. The government banned privacy coins, sure, but they’re prioritizing investor protection while opening doors. This collaboration strategically leverages Busan’s blockchain regulation-free zone for optimal development conditions.
This isn’t Ripple’s first rodeo. After dropping $250,000 to acquire custody provider Metaco last year, they launched bank-grade custody functionality in October. Smart move. The BDACS deal will integrate Ripple Custody for XRP, RLUSD, and other digital assets while supporting XRPL developers. The platform will utilize smart contracts to automate processes and ensure transparency for all transactions.
Major Korean banks are already dipping their toes in the crypto waters. KB Kookmin, Shinhan, and Woori offer custody services, with Bitcoin and Ethereum ETFs potentially on the horizon. The growing partnership reflects the country’s tech-savvy population that has embraced digital innovations across various sectors. Traditional finance is finally catching up.
What does this mean for XRP? The market’s buzzing with speculation. Some analysts predict XRP could smash the $3 mark and possibly reach $10. Ambitious, maybe, but institutional adoption tends to bring serious capital.
One thing’s clear: South Korea’s crypto revolution is happening. And it’s going to be bigger than anyone expected.
