Ripple, the firm behind the XRP token, is making major partnerships with local banks to launch crypto custody services in South Korea.
Ripple Enters Major Partnerships To Provide Crypto Asset Custody In South Korea
On Tuesday, September 3, Ripple announced in an X post that it is making several major partnerships in South Korea and Japan to “strengthen the foundations of crypto infrastructure (and) to support blockchain utility and usability for institutional adoption.”
These strategic partnerships aim to reinforce Ripple’s steadfast commitment to advancing the wide-scale adoption of Ripple XRP and blockchain technology in South Korea.
Ripple Partners With Futureverse
One of Ripple’s strategic partnerships is with the leading AI and metaverse tech firm Futureverse. The partnership aims to reinforce the XRPL ecosystem further.
With the partnership, Ripple will be able to offer secure digital asset self-custody services in South Korea via Ripple Custody, ensuring the safe and secured storage of customers’ cryptocurrency.
For context, Ripple Custody is a transitory storage system for crypto assets.
Currently, the South Korea-based Futureverse has leveraged the XRP Ledger (XRPL) non-fungible token (NFT) standards, incorporated the XRPL decentralized exchange (DEx) to provide network liquidity, and incorporated Ripple’s token, XRP, for paying the GAS fee on its network.
Futureverse will offer users safe KYC-verified access to Ripples’s DeFi services.
Ripple has announced that it is currently taking steps to launch an XRPL (Ethereum Virtual Machine) EVM chain by 2025. The XRPL EVM will facilitate smart contracts in the XRPL development environment.
Ripple’s Partnership With Local Banks
According to Ripple’s president, Monica Long, Ripple is also in talks with local banks to make its crypto custody services a reality in South Korea.
Long stated that South Korea seemingly has a strong and growing interest in Ripple’s XRP, and Ripple is making plans to collaborate with major local commercial banks to launch crypto custody services in the region.
This is an important step toward building a safe and secure crypto infrastructure in the country.
According to Ripple, the crypto custody services will provide a safe and secure platform for institutional customers and retail users to store their digital assets.
Ripple is waiting for regulatory approval and will launch this service once it has been approved by the South Korean Financial Services Commission (FSC). FSC is in charge of regulating digital assets and financial services within the country.
Hope For Spot XRP ETF
Long also mentioned the possibility of a spot XRP ETF soon. Recently, a US ruling declared that XRP is not a security, clearing Ripple from its long-faced regulatory issues.
Long said that this ruling raised optimism about the possibility of a spot XRP ETF in the near future.
