Absa Becomes First African Bank to Offer Digital Asset Custody Including XRP Ledger
The new offering provides institutional and large-business clients with digital asset safekeeping, administration and transfer services within a regulated banking environment. Absa said its custody platform currently supports Bitcoin, Ethereum, XRP Ledger and USDC, with additional assets planned for future support.
Absa Launches Regulated Digital Asset Custody
The Johannesburg-headquartered banking group said the service is designed for institutional customers, including asset managers, non-bank financial institutions and corporate clients. The platform allows customers to have digital assets held and administered through Absa's custody infrastructure rather than managing the underlying custody arrangements themselves.
Absa's digital asset custody offering was developed in partnership with Ripple. The two companies announced their custody partnership in October 2025, with Ripple providing institutional digital asset custody technology for Absa's South African clients. Absa described the service as combining Ripple's digital asset infrastructure with the bank's existing security, governance and compliance capabilities.
The service went live on Sept. 21, according to reporting by ITWeb Africa. Absa's announcement makes it the first African bank to bring an institutional digital asset custody proposition to market.
XRP Ledger Included Alongside Bitcoin and Ethereum
The initial asset lineup includes Bitcoin, Ethereum, XRP Ledger and the USDC stablecoin. The inclusion of the XRP Ledger places XRP-related infrastructure among the digital assets supported by Absa's institutional custody platform.
Absa has indicated that the initial offering is not intended to represent the final list of supported assets. The bank plans to expand the service to additional digital assets based on client requirements and the regulatory environment.
Rob Downes, head of digital assets at Absa's corporate and investment banking unit, said Bitcoin is currently the predominant asset in custody and that the bank is working with clients on other crypto assets they want supported in South Africa.
Expansion Will Depend on Regulatory Approval
The launch comes as South Africa's regulated digital asset market continues to develop. The South African Reserve Bank estimates that crypto assets held by the country's three largest licensed service providers — Luno, VALR and Ovex — more than doubled to R25.3 billion, or about $1.5 billion, by the end of 2024 from less than R10 billion at the start of 2023.
Absa also plans to extend its custody service to additional client segments in South Africa and explore other African markets. Downes said the bank is working toward bringing the solution to other countries where Absa operates, subject to the regulatory approvals required in those jurisdictions.
For now, the service remains focused on South African institutional clients, with Bitcoin, Ethereum, XRP Ledger and USDC forming its initial supported asset base.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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