Ripple has teamed up with Absa Bank to offer South Africa’s financial institutions access to institutional-grade digital asset custody. The partnership allows the bank’s customers to store cryptocurrencies and tokenized assets using Ripple’s custody technology. It comes amid a growing appetite for blockchain-based solutions in Africa’s emerging markets.
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Partnership Brings Custody Infrastructure to Africa
Absa becomes Ripple’s first major custody partner on the continent, leveraging the firm’s technology to offer scalable and compliant storage for digital assets.
“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,” commented Reece Merrick, Managing Director for Middle East and Africa at Ripple.
“As one of the most respected and innovative banks in Africa, Absa has a strong track record of innovation and leadership, and we’re proud to support its digital asset ambitions with the most secure and compliant custody infrastructure on the market,” he shared.
Regulatory clarity is gradually improving across Africa, and institutional interest in digital assets is rising. Ripple’s infrastructure aims to give banks like Absa confidence to explore blockchain-based offerings while meeting strict operational and security standards.
Absa Aims to Modernize Customer Offerings
This collaboration builds on Ripple’s earlier work in Africa, including supporting Chipper Cash with crypto-enabled payments and launching its USD-backed stablecoin RLUSD in regional markets.
According to Ripple’s report, 64% of finance leaders in the Middle East and Africa believe faster payments and settlement times are the main reason to adopt blockchain currencies for cross-border flows. Ripple’s infrastructure positions it to support banks and financial institutions in storing, exchanging, and moving digital assets.
Related: Ripple to Acquire Stablecoin Payments Firm Rail for $200M, XRP Jumps 4%
With over a decade in the digital asset space and more than 60 regulatory licenses worldwide, Ripple continues to expand its global custody network across Europe, Asia-Pacific, Latin America, and now Africa.
The partnership between Ripple and Absa highlights growing institutional interest in blockchain solutions in Africa. As banks seek to modernize operations and meet customer demand for secure digital asset services, partnerships like this may pave the way for wider adoption of blockchain and crypto solutions across the continent.
Africa is fast adopting blockchain technology. In the Eastern part of the continent, Kenya’s parliament approved a crypto Bill this week, marking a major step toward regulating digital currencies and virtual assets in the country.
The bill outlines licensing requirements for cryptocurrency exchanges and token issuers and aims to boost transparency, investor protection, and compliance standards.
This article was written by Jared Kirui at www.financemagnates.com.
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