Amidst the increased volatility in the cryptocurrency community, Ripple was seen expanding. The firm behind XRP did not let the bearish market stop it from entering new regions. More recently, the platform announced its entry into South Korea through a partnership with a prominent digital asset institutional custody firm, BDACS. Ripple’s latest partnership is expected to further boost the presence of XRP in the country. But has this deal impacted the price of the altcoin?

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A Dive Into The Latest Partnership

Ripple RLUSD
Source: Watcher Guru

The latest collaboration intends to aid Ripple & BDACS in expanding South Korea’s institutional custody market and opening up new commercial and technological prospects. In line with the Financial Services Commission’s (FSC) plan for South Korea, Ripple and BDACS are collaborating to facilitate institutional investment in the cryptocurrency industry. Through this partnership, XRP and RLUSD will get custody services, enabling institutional investors to confidently enter the market. By 2030, 10% of the global GDP is anticipated to be tokenized, and the total value of crypto assets held is predicted to reach $16 trillion.

In addition, it makes use of Busan’s blockchain-friendly atmosphere. The deal could boost the XRPL ecosystem and increase the usage of Ripple’s stablecoin (RLUSD). Fiona Murray, Managing Director of APAC at Ripple, addressed the same and further said,

“We’re excited to partner with BDACS to bring Ripple’s custody solution to institutional investors in South Korea. With the crypto market surging and new opportunities emerging under the FSC’s regulatory roadmap, we view this collaboration as a critical step in expanding the digital asset ecosystem.”

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Did XRP’s Price Witness Recovery?

At the time of writing, XRP was trading at $2.19. This comes after a price drop of nearly 5% over the past 24 hours. Furthermore, the asset was seen mirroring the current sentiment of the cryptocurrency market. It looks like Ripple’s latest partnership barely had an impact on the price of the altcoin.

Source: CoinMarketCap

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  • crypto
  • cryptocurrency
  • Ripple
  • South Korea
  • xrp