Ripple Brings Custody to Absa as XRP Price Jumps 6.7%: Here’s What Launched

What Went Live Today?

Absa’s corporate and investment banking arm announced the offering via X on Monday morning, calling the service “a digital first for Africa, built to institutional standards.” To elaborate, the product is a secure, regulated environment for safeguarding digital assets and managing private keys to institutional standards (especially for the African crypto contagion).

Ripple confirmed the technology behind it, with Reece Merrick, the firm’s managing director for the Middle East and Africa, noting:

By leveraging Ripple’s custody technology, Absa is setting a new benchmark for secure, compliant, and bank-grade digital asset management on the continent.

Absa has not yet published which assets it will hold, its fee schedule or its first clients. For now, the page directs institutional buyers to a sales desk.

From Handshake to Launch

The launch has been a long time coming, with Ripple announcing the partnership during October last year, describing Absa as its first major custody partner in Africa. At the time, Absa’s head of digital product for custody, Robyn Lawson, was quoted as saying:

[Ripple’s system] let the bank leverage proven and trusted technology that meets the highest security and operational standards.

While an eleven-month wait might appear to be worrisome, such developments (i.e. from signed deal to live product) are quite normal for large entities. Custody touches key management, audit, insurance and regulators, and Absa operates in more than one market. The group holds majority stakes in banks across 10 countries, including Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda and Zambia.

Why Does South Africa Make Sense Now?

South Africa has spent much of this year filling in its rulebook, especially since its Financial Sector Conduct Authority (FSCA) received 533 crypto asset service provider applications and approved 310 of them (as of March 31, 2026). On May 28, the South African Reserve Bank (SARB), the FSCA, the Prudential Authority and the Financial Intelligence Centre issued a joint communication on crypto assets used for domestic payments. Days later, the regulators ruled out foreign-currency stablecoins as local payment tools.

The courts weighed in too and on June 1, the Gauteng Division of the High Court found that “bitcoin is clearly money” and counts as capital under exchange-control rules.

Demand is there as well. A Discovery Bank and Visa report found about 7.8 million South Africans, roughly 13% of the population, now invest in crypto. Most hold it through local exchanges such as Luno and Valr rather than a bank, and that is the gap Absa is aiming at.

Ripple’s Custody Push Keeps Adding Banks

For Ripple, Absa is another name on a growing list for its custody business as earlier in February, the company added Securosys hardware security modules and Figment staking to Ripple Custody. Figment alone serves more than 1,000 institutional clients.

Ripple says its wider business holds 60-plus regulatory licenses and registrations across the regions it serves. Lastly, it bears mentioning that the launch landed on a strong day for the market, with XRP trading near $1.48, up about 6.7% in 24 hours.