Ripple in South Korea: New cryptocurrency custody services

Ripple in South Korea: New cryptocurrency custody services

Ripple's president, Monica Long, has announced plans to launch cryptocurrency custody services in partnership with local banks in South Korea. This initiative comes at a time when Ripple is looking to expand outside the US due to legal issues with the Securities and Exchange Commission (SEC).

Long said there is strong interest in XRP in South Korea, which she sees as a significant opportunity for Ripple. The company is ready to launch the service after receiving approval from the Korean Financial Services Commission.

She also pointed to a recent court decision that confirmed that XRP is not a security, as the SEC is trying to convince. Long expressed optimism about the possibility of an XRP spot ETF, which she said should eventually be approved.

South Korea is thus becoming a key market for Ripple, with XRP sometimes surpassing even Bitcoin and Ethereum in trading volume on the country's largest cryptocurrency exchange, Upbit.