Ripple has announced a partnership with Absa Bank to provide digital asset custody services in South Africa.
The collaboration will enable Absa to use Ripple’s institutional-grade custody technology to offer secure storage for tokenised assets, including cryptocurrencies.
Absa, one of Africa’s largest financial institutions, is Ripple’s first major custody partner on the continent.
“Africa is experiencing a major shift in how value is stored and exchanged, and our partnership with Absa underscores Ripple’s commitment to unlocking the potential of digital assets on the continent,”
said Reece Merrick, Managing Director for the Middle East and Africa at Ripple.
“As one of the most respected and innovative banks in Africa, Absa has a strong track record of leadership, and we’re proud to support its digital asset ambitions with secure and compliant custody infrastructure.”
Robyn Lawson, Head of Digital Product, Custody at Absa Corporate and Investment Banking, said the collaboration aligns with the bank’s efforts to adapt to evolving customer needs.
“As we continue to innovate and respond to the evolving financial ecosystem, we recognise the importance of providing our customers with secure, compliant, and robust custody solutions for their digital assets,”
she said.
“Ripple’s custody solution allows us to leverage trusted technology that meets high security and operational standards.”
The partnership builds on Ripple’s growing presence in Africa.
Earlier this year, the company partnered with payments provider Chipper Cash to support crypto-enabled payments and introduced its USD-backed stablecoin, RLUSD, in the region.
Featured image credit: Edited by Fintech News Africa, based on image by Kathrine Heigan via Unsplash
