Ripple Partners with Absa Bank for Digital Asset Custody in Africa
Ripple, a digital asset infrastructure provider, has announced its partnership with Absa Bank to offer digital asset custody services in South Africa. This collaboration marks Ripple's strategic expansion into the African market.
- The partnership focuses on institutional-grade storage for tokenized assets and cryptocurrencies.
- This move is part of Ripple's broader strategy to expand its presence in Africa by 2025.
Recent Developments
- In March, Ripple partnered with Chipper Cash to enhance cross-border remittances in Africa.
- In September, Ripple launched its RLUSD stablecoin in Africa through partnerships with VALR and Yellow Card.
- These efforts align with positive regulatory changes, like Kenya's new digital assets bill.
XRP faces a bearish market structure with key support between $2.4516 and $2.4491, and resistance at $2.60. Despite recent price challenges, institutional interest is growing, as shown by the CBOE's confirmation of an XRP ETF.
Community reactions are mixed, with some praising the partnership for boosting adoption in Africa, while others doubt its immediate effect on XRP's value. The launch timeline and initial supported assets for Absa's custody service remain unspecified.