Ripple has partnered with South Africa’s Absa Bank to provide digital asset custody services, expanding its institutional custody network across Africa. Institutional blockchain service provider and XRP developer Ripple announced a partnership with South African bank Absa on Wednesday to provide digital asset custody to the institution’s customers. According to the announcement, Absa is “Ripple’s first major custody partner in Africa.” The bank will offer its customers digital asset custody services relying on Ripple’s infrastructure for tokenized assets and cryptocurrencies. The bank is a major player on the African financial stage, managing 2.07 trillion South African rands ($119.5 billion) of assets as of the end of 2024. Absa also saw $6.34 billion of revenue last year. Read more
BNB’s price upside momentum is waning further after Binance faced $21.75 billion weekly outflows and margin system exploit accusations. Key takeaways: BNB’s double top pattern suggests a possible 30% correction toward $835 in October. Binance witnessed the largest weekly outflows compared with other centralized exchanges. Read more
Top Ethereum NFT collections like BAYC, Pudgy Penguins and CryptoPunks remain in the red despite a partial market recovery after Friday’s crypto market crash. The non-fungible token (NFT) market showed early signs of recovery after a steep sell-off wiped out about $1.2 billion in market capitalization during the crypto market crash on Friday. According to CoinGecko data, the sector’s overall valuation fell from $6.2 billion on Friday to $5 billion on Saturday. This erased almost 20%, or about $1.2 billion, in market capitalization for digital collectibles across all blockchain networks. The sector experienced a rapid recovery as crypto markets rebounded. On Sunday, NFTs reached $5.5 billion, marking a 10% gain following the crash. At the time of writing, the overall market cap was almost $5.4 billion. Read more
CMBI’s tokenization initiative with BNB Chain builds on its previous work with Singapore-based DigiFT, which tokenized its fund on Solana in August. A Hong Kong-based subsidiary of a major Chinese commercial bank, China Merchants Bank (CMB), tokenized its $3.8 billion money market fund (MMF) on BNB Chain. CMB International Asset Management (CMBI) has partnered with BNB Chain to bring its CMB International USD Money Market Fund onto its layer-1 (L1) blockchain, BNB Chain announced on Wednesday. The partnership builds on CBMI’s real-world asset tokenization (RWA) cooperation with Singapore-based tokenization platform DigiFT, which tokenized the fund on the Solana blockchain in August. Read more
XRP’s macro outlook remained bullish, with analysts confident that a bullish breakout was possible if key support levels were reclaimed. Key takeaways: XRP price must flip the 200-day SMA and the $2.70-$2.80 resistance into support for a rally above $3.00. Analysts see a 57% chance of an upward breakout to $9.5-$27, with a 43% chance of a drop to $0.50. Read more
Bitcoin short-term holders struggled to seal profits in recent days while overall supply ownership flashed a classic bull-market top warning. Key points: Bitcoin’s NUPL metric repeats past bull-market tops with a move from “optimism” to “euphoria.” The Bitcoin realized cap is increasingly in the hands of short-term holders. Read more