Ripple taps Absa to bring bank-grade crypto custody to South Africa
Ripple has partnered with South Africa’s Absa Bank to provide digital asset custody services, expanding its institutional custody network across Africa.
Institutional blockchain service provider and XRP developer Ripple announced a partnership with South African bank Absa on Wednesday to provide digital asset custody to the institution’s customers.
According to the announcement, Absa is “Ripple’s first major custody partner in Africa.” The bank will offer its customers digital asset custody services relying on Ripple’s infrastructure for tokenized assets and cryptocurrencies.
The bank is a major player on the African financial stage, managing 2.07 trillion South African rands ($119.5 billion) of assets as of the end of 2024. Absa also saw $6.34 billion of revenue last year.
