- Ripple partners with South African bank Absa to offer digital asset custody services to customers.
- Absa is the first major African bank to work with Ripple for this type of service.
- The partnership follows rising demand in emerging markets for secure infrastructure for digital assets and tokenized assets.
- Ripple has recently expanded its digital asset and stablecoin offerings across Africa and other global regions.
- Traditional finance institutions worldwide, including large banks and sovereign wealth funds, are showing greater interest in digital assets.
Ripple, a developer of the XRP cryptocurrency and blockchain services, announced a new agreement on Wednesday with major South African financial institution Absa to provide custody services for digital assets to bank customers. This partnership positions Absa as the first significant African bank to collaborate with Ripple for secure management of cryptocurrencies and tokenized assets.
As of the end of 2024, Absa managed assets worth $119.5 billion and reported $6.34 billion in revenue for the year, according to the bank’s financial results (see report). Ripple stated the partnership is due to “growing demand for secure, compliant digital asset infrastructure across emerging markets.” Reece Merrick, Ripple’s managing director for the Middle East and Africa, said, “The partnership underscores Ripple’s commitment to unlocking the potential of digital assets on the continent.”
The deal adds to Ripple’s recent activities across Africa. In March 2025, it joined forces with African payment provider Chipper Cash to enable crypto-supported cross-border payments. In April, the company launched its dollar-backed stablecoin, Ripple USD (RLUSD), working with partners Chipper Cash, crypto exchange VALR, and payments company Yellow Card.
Ripple began focusing on custody services in early 2024 after securing a trademark for the solution and acquiring digital asset custodian Standard Custody in 2023. The custody platform, designed to help banks and financial firms securely hold digital assets, is now in use by institutions. Similar agreements have taken place in other regions, with Ripple collaborating with Bahrain Fintech Bay and Banco Bilbao Vizcaya Argentaria in Spain, plus a 2023 partnership with HSBC to provide tokenized securities custody.
Interest in digital assets continues to rise among traditional finance organizations. Large asset managers like BlackRock have reported strong earnings from crypto-related products, including spot Bitcoin ETFs. Banks such as Morgan Stanley and BNY are exploring client access to cryptocurrency funds and 24/7 tokenized deposit transfers. Sovereign wealth funds in Luxembourg and Norway, as well as central banks in the Czech Republic, have also increased their digital asset holdings or explored related pilots in the past year.
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