Absa Brings Ripple-Backed Custody Service Live in Africa
Ripple's custody technology has gone live at South African lender Absa, following an eleven-month development process. Absa launched its Digital Asset Custody service on September 21st, built on Ripple's platform. This marks a significant milestone for the company as it expands its presence in Africa.
Absa's corporate and investment banking arm announced the offering via X, calling it 'a digital first for Africa, built to institutional standards.' The product is designed to provide a secure and regulated environment for safeguarding digital assets and managing private keys. Ripple confirmed that its technology is behind the service, with Reece Merrick, Managing Director for the Middle East and Africa, noting that Absa is setting a new benchmark for digital asset management on the continent.
The launch comes as South Africa continues to develop its regulatory framework for cryptocurrencies. The country's Financial Sector Conduct Authority has approved 310 of 533 crypto provider license applications as of March 31st this year. This move by Absa aims to tap into the growing demand for digital assets in the region, with around 7.8 million South Africans investing in crypto.