Absa Group Leads Africa in Crypto Custody Services

Absa Group, a major South African bank, has become the first African bank to offer digital-asset custody services for institutional clients. The service, which has received regulatory approval, supports Bitcoin, XRP Ledger, Ethereum, and USDC. Absa will provide safekeeping, administration, and transfer services to asset managers, non-bank financial institutions, and corporates.

The bank plans to expand the service to other client segments and African markets, subject to regulatory approvals. This move is significant, given that South African crypto assets under custody reached R25.3 billion ($1.5 billion) by the end of 2024, according to the South African Reserve Bank.