Ripple’s president, Monica Long, has made remarks on the recent Ripple Custody partnership, confirming its expansion into Africa via Absa Bank, in a recent X post on Wednesday.
The move comes as the San Francisco-based blockchain company continues to sign partnerships with major institutions to boost its presence across the globe and make XRP more accessible to users from all around the world.
Ripple expands custody solutions to Africa
Earlier today, Ripple entered a new partnership with Absa Bank amid efforts to make digital assets easier to access and manage in multiple nations across the world.
While Absa Bank is renowned as a leading financial institution in South Africa, the partnership marks a major milestone for Ripple, representing the official launch of the Ripple Custody solution in the country.
Notably, the partnership will see Ripple bringing advanced blockchain solutions to South Africa, while Absa adds local expertise and trust, collectively boosting confidence among investors.
Monica Long reacted to the development, emphasizing Ripple’s efforts to foster adoption across the African continent as she reflected on the recent RLUSD launch that took place in Africa last month.
Just about a month after that, Ripple has made another move following the launch of Ripple Custody through its partnership with Absa Bank, which has now become Ripple’s first major custody partner in Africa.
Ripple exposes XRP for broader adoption
According to the announcement, Ripple has made this bold move as part of its effort to provide institutional users in the region with a secure and compliant digital asset storage solution.
While the Ripple Custody offering seeks to provide crypto users with the infrastructure they need to safely hold and manage digital assets, the launch of this service in Africa aims to boost the demand for XRP in the region, as Ripple has previously confirmed XRP as its official payment asset.
With Ripple making efforts to establish trust in blockchain-based financial services, its recent developments propel XRP toward wider adoption, which could fuel a significant price upsurge.
