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Institutional Interest Boosts XRP’s Resurgence in South Korea and Japan
A recent surge in institutional interest has propelled XRP’s (XRP) price to new heights in both South Korea and Japan, marking a significant upswing in the token’s fortunes. This renewed momentum is attributed to fresh developments in custody infrastructure and ETF plans.
According to reports, prominent digital asset custody provider BDACS has announced the addition of XRP support for institutional clients. This decision marks a substantial shift towards mainstream adoption, as it enables professional investors to securely manage their XRP assets on major local exchanges such as Upbit, Coinone, and Korbit. Notably, this move solidifies BDACS’ partnership with Ripple, emphasizing its commitment to the digital asset’s growth in the region.
In parallel developments, SBI Holdings has announced plans to launch exchange-traded funds (ETFs) for XRP and Bitcoin in Japan. This initiative seeks to provide Japanese investors with regulated access to these assets, thereby fostering a more liquid market and drawing in institutional investment. Notably, SBI’s support is fueled by its long-standing partnership with Ripple, underscoring the company’s conviction in the token’s potential.
The convergence of these developments has set off a chain reaction, resulting in an unprecedented resurgence in XRP adoption across South Korea and Japan. The token’s price remains relatively flat at around $3 mark over the past month, coinciding with the continued expansion of its ledger infrastructure.
In conclusion, this sudden boost in institutional interest underscores the vast potential for XRP to continue expanding its global reach and market penetration, especially within Asia’s vibrant crypto landscape.
Source: cryptoslate.com
