Ripple president Monica Long spoke out about the recent Ripple custody partnership in a recent X post on Wednesday, confirming expansion into Africa through Absa Bank.
The move comes as the San Francisco-based blockchain company continues to expand its presence around the world and enter into partnerships with key institutions to make XRP more accessible to users around the world.
Ripple expands storage solutions to Africa
Earlier today, Ripple entered into a new partnership with Absa Bank as part of its efforts to make digital assets easier to access and manage in multiple countries around the world.
Absa Bank is known as South Africa’s leading financial institution, and this partnership marks a major milestone for Ripple, marking the official launch of Ripple custody solutions in the country.
Specifically, with this partnership, Ripple will bring advanced blockchain solutions to South Africa, while Absa will add local expertise and credibility, overall increasing investor confidence.
Reacting to this development, Monica Long reflected on the recent RLUSD launch in Africa last month and highlighted Ripple’s efforts to drive adoption across the continent.
Just about a month later, Ripple made another move following the launch of Ripple Custody through a partnership with Absa Bank. Absa Bank becomes Ripple’s first major custody partner in Africa.
Ripple opens XRP to widespread adoption
According to the announcement, Ripple took this bold move as part of its efforts to provide secure and compliant digital asset storage solutions to institutional users in the region.
The Ripple Custody offering aims to provide crypto users with the necessary infrastructure to securely hold and manage their digital assets, and as Ripple has previously recognized XRP as an official payments asset, the launch of this service in Africa is aimed at increasing demand for XRP in the region.
Ripple strives to establish trust in blockchain-based financial services, and its recent developments could drive widespread adoption of XRP and cause significant price increases.
