Blockchain technology company Ripple announced a strategic partnership with Absa Bank, a leading financial institution in South Africa. Under this partnership, Ripple will provide digital asset custody (custody) services to Absa Bank customers.
This agreement marks Ripple's first major digital asset custody partnership on the African continent. Absa Bank manages approximately 2.07 trillion South African rand (approximately $119.5 billion) in assets.
The new service is expected to facilitate secure access to digital assets for institutional investors and contribute to the development of crypto asset infrastructure at the institutional level in Africa.
While Ripple has recently been pursuing a strategy to expand its enterprise-level digital asset custody solutions, this collaboration with Absa Bank further strengthens the company's presence in the global financial sector.