Absa Becomes First African Bank to Offer Crypto Custody Services

Absa Group Ltd., headquartered in Johannesburg, has become the first bank in Africa to offer institutional digital-asset custody services. The move aims to tap into South Africa's crypto market, where assets held by licensed service providers were valued at about $1.5 billion at the end of 2024.

The new service supports Bitcoin, Ethereum, XRP Ledger, and the USDC stablecoin, with more assets potentially being added as institutional demand develops. Absa secured regulatory approval in South Africa before introducing the service and plans to extend it to other client segments and countries across Africa, subject to regulatory approvals.