Ripple and Absa Team Up to Bring Secure Crypto Custody to South Africa’s Banking Sector
XRP developer expands its footprint in Africa through a landmark partnership with one of the continent’s largest banks
Ripple has partnered with Absa Bank, one of South Africa’s largest financial institutions, to introduce institutional-grade digital asset custody in the country. Announced Wednesday, the deal marks Ripple’s first major custody partnership in Africa, allowing Absa to offer secure storage for tokenized assets and cryptocurrencies using Ripple’s technology.
Absa, which manages assets worth over 2.07 trillion South African rands ($119.5 billion) and recorded $6.34 billion in revenue last year, said the move responds to growing demand for compliant digital asset infrastructure across emerging markets. Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, said the partnership highlights the company’s commitment to unlocking Africa’s digital asset potential.
The collaboration strengthens Ripple’s expanding presence in Africa. Earlier this year, Ripple partnered with Chipper Cash to enable crypto-powered cross-border payments and launched its Ripple USD (RLUSD) stablecoin in the region through partners such as VALR and Yellow Card.
Ripple’s focus on institutional custody follows its acquisition of Standard Custody last year and the launch of its own custody service designed for banks and fintech firms. The company has since secured multiple global partnerships, including with Bahrain Fintech Bay, Spain’s BBVA, South Korea’s BDAas, and HSBC in 2023.
The partnership comes amid a wider shift in traditional finance toward crypto adoption. BlackRock’s Bitcoin ETF has generated over $245 million in fees, while Morgan Stanley is expanding crypto fund access for clients. Meanwhile, sovereign wealth funds in Luxembourg and Norway have increased their Bitcoin exposure, signaling growing institutional confidence in digital assets.
