Blockchain payments firm Ripple has announced its latest big partner in the South Korean financial industry, namely South Korean financial firm Meritz Securities, as the firm ramps up institutional adoption in one of the largest crypto markets in Asia.
This is the first time Ripple is partnering with a Korean securities firm. With this latest partnership, Ripple now has four institutions it has partnered with in the country this year.
Through the partnership, Meritz Securities will be exploring the potential uses of Ripple's custody solution and tokenization platform for digital asset services integrated with its existing securities businesses.
Ripple's custody solution, Ripple Custody, aims to facilitate secure storage, movement, and settlement of digital assets for regulated financial institutions without having to build their own custody infrastructure.
Ripple and Meritz Securities' partnership will be within the framework of South Korea's existing financial laws.
The two firms are open to gradually ramping up their collaboration depending on the development of South Korea's regulatory landscape.
Big push for tokenization
The partnership with Ripple comes as Meritz Securities is currently looking into a range of potential opportunities in the emerging digital asset space.
The South Korean securities firm is considering spot crypto exchange-traded funds (ETFs), fractional investments, security tokens, digital asset trading, and stablecoins in the Korean won.
With the help of the latest deal, Meritz Securities seeks to build the technological foundation for the South Korean securities firm to enter these areas as the market develops.