Ripple and Absa Corporate and Investment Banking have launched a new digital asset custody service in South Africa, bringing Ripple’s institutional custody technology into a bank-run platform. The two companies first announced their partnership in October 2025, but the service became commercially available on September 21.
The service, called Absa Digital Asset Custody, is designed for corporate and institutional clients. It allows customers to securely hold digital assets, manage private keys, and control transactions and internal approvals through Absa’s banking and compliance systems.
Ripple Middle East and Africa Managing Director Reece Merrick said the launch is an important step for institutional digital assets in Africa. He said Absa is using Ripple Custody to provide secure and compliant digital asset management.
The partnership was first announced on October 15, 2025, when Ripple named Absa as its first major custody partner in Africa. At that time, Absa said it planned to use Ripple’s technology to support cryptocurrencies and tokenized assets.
Absa later explained that the system combines Ripple’s blockchain technology with the bank’s own infrastructure. The platform was built around security, governance, recovery, and controlled authorization.
Absa says private keys are protected inside secure hardware environments, helping reduce the risk of a single failure affecting customer assets. The system also uses a key-generation process rather than permanently storing static private keys, while recovery procedures are in place to help maintain access during system problems.
The service is focused on institutional customers and is not a retail crypto trading platform. Absa has not yet published a complete list of supported assets, custody fees, or the names of its first customers. The companies have also not announced plans to offer trading, lending, or yield products through the service.
The launch comes as South Africa continues to build its regulatory framework for digital assets. Crypto service providers must receive authorization from the Financial Sector Conduct Authority before providing regulated crypto-related financial services.
South African authorities are also working on rules for cross-border crypto transfers. A proposed framework would require certain digital asset transfers to be identified and reported as cross-border transactions. Public comments on the proposal are due by September 30, 2026.
Ripple has been expanding its institutional digital asset business in Africa and other regions. The company has worked with several African firms on digital asset and stablecoin services, while Absa now provides a bank-based custody platform using Ripple’s technology.
For now, neither Ripple nor Absa has announced plans to add specific assets or expand the custody service into other African countries. The platform is expected to develop further as institutional demand and regulations change.
