Ripple launches custody for Absa; XRP jumps 6.7%
Ripple launched a custody service for Absa in South Africa today; XRP rose 6.7% after the announcement.
Ripple launched custody services for Absa in South Africa today. The agreement gives Absa access to Ripple’s custody platform to hold and manage digital assets on behalf of the bank.
Ripple’s custody platform provides secure storage and private key management. The service integrates with institutional infrastructure and includes audit and compliance features intended to meet operational and regulatory requirements for banks.
After the announcement, XRP traded up 6.7%.
The custody offering supports safeguarding private keys, multi-layer security controls and audit trails required by institutional clients and regulators. The service allows banks to hold digital assets without building in-house key-management systems.
Absa Group Limited is a South African bank that offers retail, corporate and investment banking across the region. XRP is the native token associated with Ripple’s network and is used in some liquidity and settlement products.
Ripple provides software for cross-border payments and liquidity sourcing. The company added custody for Absa as part of its institutional services.
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