Ripple has officially partnered with Meritz Securities to explore institutional custody and asset tokenization services in South Korea. If I remember correctly, this should be Ripple’s first securities partner in South Korea, and the partnership is closer to jointly building financial infrastructure than to a simple ecosystem collaboration. Who handles custody, who serves institutions, and how tokenized assets are issued and settled could all affect real revenue and the price of $XRP . For now, we’ll have to wait and see when it starts generating revenue and completes the business cycle.