Absa Launches Africa's First Bank-Based Bitcoin Custody Service

Absa has become the first bank in Africa to offer Bitcoin custody services. The Johannesburg-based lender launched its institutional custody platform on September 21 using technology from Ripple, allowing clients to hold and manage their digital assets securely.

The platform's head of digital assets, Rob Downes, stated that Bitcoin makes up the largest share of assets held through Absa's service, accounting for 'the predominant asset in custody.'

Absa plans to extend its custody services to other client groups and African markets, subject to regulatory approvals. The bank's technology combines Ripple's software with its own internal infrastructure to provide secure storage and management of digital assets.