O-DE Capital Invests in BDACS: Prominent South Korean Digital Asset Custodian

Adam Kang
O-DE Capital Partners


O-DE Capital Partners (‘OCP’), a Web 2.5 fund, has invested in BDACS, a South Korean digital asset custodian enabling individuals and institutions to store, trade, and manage digital assets with unrivaled security and flexibility.

OCP announces today its investment into BDACS.

BDACS Inc., a digital asset custodian company, will offer an industry-leading array of custody solutions for a wide variety of digital assets, including cryptocurrencies, NFTs and tokenized securities. At the heart of its operation lies the innovative use of Multi-Party Computation (MPC) technology and state-of-the-art cold wallet storage, ensuring unparalleled security, reliability and scalability for its clients.

Founded in January 2022 and strategically located in Korea’s only blockchain regulatory-free special zone — Busan Metropolitan City — the South Korean company is headed up by co-founders Harry Ryoo and Terence Kim, both former partners at leading South Korean law firm Lee & Ko, LLC.

The crucial need for advanced digital asset custodial technology has been starkly highlighted by a number of incidents in recent times, like the downfall of Terraform labs and its UST & Luna cryptocurrencies, the early destruction of Mt. Gox after a significant hack, and the monumental collapse of FTX, the global centralized exchange that perpetrated a shocking misuse of customer funds. In these contexts, and given the inevitable & continued rise of digital assets, the role of custodians becomes critical for all who interact with digital assets.

Custody service providers, like BDACS, are set to play a pivotal role comparable to traditional financial institutions like banks or trust companies, underpinning the integrity and stability of the digital asset ecosystem, a domain currently dominated by centralized exchanges.

BDACS is committed to the protection and safe custody of digital assets, and has achieved a significant milestone in the attainment of the ISMS provisional certification in November 2023. This underlines a crucial benchmark for regulated digital asset custodians, underscoring BDACS’s commitment to regulatory compliance in the rapidly evolving digital asset world, and clear the regulatory path toward BDACS acquiring a VASP (Virtual Asset Service Provider) license.

Harry Ryoo, co-founder and CEO, articulated his vision for the company’s expansion in domestic and international markets, stating that;

“The successful attraction of both domestic and international investors has bolstered BDACS’s confidence in venturing into markets both within Korea and globally. Our ambition extends beyond our roots in Busan, as we aim to evolve into a premier blockchain enterprise that stands as a symbol of Korean innovation and leadership in the blockchain space.”

As co-founders Ryoo and Kim aim to leverage their combined expertise and experience to navigate the stringent regulatory environment, setting the stage for innovative growth and compliance for BDACS as a leading digital asset custodian in Korea and beyond.

BDACS has secured funding from a number of other sources. Led by Prodigy Investment in funding, renowned for its early backing of Upbit, BDACS was further bolstered by the participation of prominent international Web3 venture capital funds each marking their inaugural investments in Korea. These include Blizzard Fund — the VC arm of the Avalanche, IDG Capital Vietnam Blockchain and Mask Ventures. The successful funding round, achieved amidst a challenging ‘crypto winter’, a period marked by investor caution in the blockchain space, stands as a strong testament to BDACS’s technical acumen and burgeoning potential in the industry.

With the capital raised, BDACS is set to embark on a significant expansion of its operational footprint, officially launching its diverse range of services to domestic and international clients, symbolizing a substantial broadening of the company’s reach and influence in the digital asset space.

We are thrilled to announce OCP’s first deployment in 2024 for BDACS and O-DE Capital will be hands on to support BDACS growth into global markets.

We welcome BDACS to the O-DE family.

O-DE Capital Partners (‘OCP’) operate a fund investing in “Web3 grounded in reality”. We believe Web3 and Web2 must work hand-in-hand to unlock scalable value for its intended users: people.

We call it Web 2.5. Our focus is investing in Web2 businesses that leverage the utility offered by Web3 networks to unlock scalable value in a fully-compliant framework, or investing in decentralized Web3 networks themselves which may bring additive value for millions of users existing in centralized applications.

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