Ripple and Absa Launch Digital Asset Custody in Africa
- Absa Corporate and Investment Banking launched the Absa Digital Asset Custody service on September 21, using Ripple’s technology.
- This marks Ripple’s first major custody deal in Africa, initially announced on October 15, last year.
- The Financial Sector Conduct Authority (FSCA) of South Africa approved licenses for over half of the crypto providers by March this year.
- Absa’s new service aims to provide a secure environment for managing digital assets to institutional standards across multiple African markets.
- Ripple has expanded its custody business significantly, adding Securosys hardware security modules and Figment staking services earlier this year.
The launch of Absa Digital Asset Custody represents a significant step for digital asset management in Africa, leveraging Ripple‘s custody technology to enhance security and compliance standards for institutional clients. This move aligns with South Africa’s regulatory advancements in the crypto space, as evidenced by the FSCA’s approval of numerous crypto provider licenses.
By collaborating with Ripple, Absa is setting a new benchmark for digital asset management on the continent, aiming to fill the gap in bank-grade custody services amidst growing local demand for Bitcoin and other cryptocurrencies. (Source)
