Absa Corporate and Investment Banking has launched Absa Digital Asset Custody in South Africa. The new platform uses Ripple’s custody technology to give corporate and institutional clients a secure environment for safeguarding digital assets and managing the private keys used to authorize blockchain transactions.
Absa says the service also provides controls around transactions, approvals, governance and compliance.
Ripple Middle East and Africa Managing Director Reece Merrick confirmed the Sept. 21 launch, and described it as a major milestone for institutional digital assets in Africa. The rollout also moves the companies’ relationship beyond the partnership announced in October 2025, when Absa became Ripple’s first major custody partner on the continent.
Absa brings bank-backed crypto custody to institutions
Absa says it is the first bank in Africa to bring this type of digital asset custody service to corporate and investment banking clients. The offering is aimed at institutions rather than retail crypto traders and is designed to apply banking-style governance and operational controls to digital assets.
The bank has built the system around security and recoverability. According to Robyn Lawson, Absa CIB’s head of digital product for custody, keys and authorizations are protected inside secure hardware environments, while deterministic key derivation removes the need to permanently store static private keys.
Cryptographic recovery processes and layered governance are also designed to preserve access if systems are disrupted. Ripple provides technology for interacting with blockchain networks, while Absa supplies the banking infrastructure, client controls and governance around the service.
South Africa is making it a priority to formalize oversight of the crypto sector. Crypto assets have been classified as financial products under the Financial Advisory and Intermediary Services Act since 2022. The Financial Sector Conduct Authority also requires crypto asset service providers to obtain authorization before providing regulated services.
Press release from FSCA
Ripple has also been expanding the technology surrounding its custody platform. In February, the company announced integrations with security provider Securosys and institutional staking provider Figment, building on its Chainalysis integration and acquisition of wallet infrastructure company Palisade. These capabilities form part of Ripple’s custody business, although Absa has not announced that staking will be available through its new service.
Absa has also not yet disclosed the complete list of supported assets, pricing or the identities of its first custody clients.
