Ripple & Absa Bank Team Up for Digital Asset Custody in South Africa

Ripple and Absa Bank Partner to Bring Digital Asset Custody to South Africa

Ripple has announced a significant partnership with Absa Bank, a leading financial institution in South Africa, to offer digital asset custody services. This collaboration marks Ripple's first major foray into the African custody market.

Key Takeaways:

• Ripple partners with Absa Bank to introduce digital asset custody services in Africa.
• Absa will leverage Ripple's technology to provide secure storage for tokenized assets.
• The partnership expands Ripple's global reach and influence in the emerging African fintech landscape.

Absa to Utilize Ripple's Custody Technology

Under the agreement, Absa Bank will integrate Ripple's institutional-grade digital asset custody technology, enabling secure and scalable storage solutions for a range of tokenized assets, including cryptocurrencies. This comes at a time of increased demand for compliant digital asset infrastructure in emerging markets.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, stated, "Africa is experiencing a major shift in how value is stored and exchanged," further emphasizing Ripple’s commitment to the continent's digital asset potential.

Expanding Ripple's Global Footprint

This partnership broadens Ripple’s global custody network, now spanning Europe, the Middle East, Asia-Pacific, Latin America, and Africa. The company emphasizes adherence to strict operational, security, and regulatory standards.

Ripple's presence in Africa has also been bolstered by collaborations like Chipper Cash, which utilizes Ripple’s crypto-enabled payments technology, and the planned launch of Ripple’s USD-backed stablecoin, RLUSD, in select African markets.

RLUSD Expansion in Africa

Ripple's USD-backed stablecoin, RLUSD, is also expanding its reach in Africa through partnerships with fintech platforms like Chipper Cash, VALR, and Yellow Card. RLUSD has surpassed $700 million in supply on Ethereum and the XRP Ledger and is also being piloted in climate risk insurance programs in Kenya.