Ripple, Absa Bank Partner on Crypto Custody in Africa
Ripple has teamed up with Absa Bank to introduce institutional-grade crypto custody in Africa. Under this partnership, Absa will use Ripple’s custody infrastructure to secure tokenized assets, including XRP, for its clients. Absa manages ZAR 2.07 trillion (US$119.5 billion) in assets and generated US$6.34 billion in revenue last year.
The deal addresses rising demand for compliant crypto custody solutions in emerging markets. It follows Ripple’s previous African collaborations, such as its stablecoin rollout (RLUSD) via Chipper Cash, VALR and Yellow Card, and marks its first major pan-African custody alliance.
Institutional interest in digital assets continues to grow. Ripple’s custody roster now includes BBVA, HSBC and Bahrain FinTech Bay. Meanwhile, developments like BlackRock’s spot Bitcoin ETF, Morgan Stanley’s crypto funds and increased Bitcoin exposure by sovereign wealth funds underscore a bullish backdrop for digital asset custody.
Bullish
The partnership directly enhances institutional access to XRP and digital asset custody in a major emerging market. In the short term, news of a leading African bank adopting Ripple’s custody infrastructure boosts positive sentiment around XRP. Over the long term, expanded on-chain activity and further custody deals could drive sustained demand for XRP and related services, reinforcing a bullish outlook.