Crypto
Absa Becomes First African Bank to Offer Digital Asset Custody Services
Absa, a Johannesburg-based bank, has become the first bank on the African continent to offer digital asset custody services. The bank obtained regulatory approval before launching the service for its institutional clients in South Africa.
The initial assets supported by Absa's custody infrastructure are Bitcoin, XRP Ledger, Ethereum, and USDC. However, the bank plans to add other assets as client demand develops.
Absa's new custody service covers safekeeping, administration, and transfer of digital assets. The bank currently supports approximately $1.5 billion in institutional crypto assets held by licensed service providers in South Africa, which reached R25.3 billion by the end of 2024.