Absa Becomes First African Bank to Offer Bitcoin Custody Services

South Africa's Absa becomes the first bank on the continent to offer bitcoin custody services, according to a report.

The Johannesburg-based lender will primarily serve institutional clients by holding their bitcoin, but will also custody other digital assets, says Rob Downes, head of digital assets at Absa's corporate and investment banking unit.

Downes notes that while bitcoin is the biggest asset the bank will custody, others will follow.

Absa's move comes as banks worldwide are integrating or offering bitcoin-related products and services, with several U.S. and European banks already offering crypto-related services by custodying assets for institutions.