Absa Launches Africa's First Bank Digital-Asset Custody Service
Absa Group has launched Africa's first digital-asset custody service, targeting institutional clients such as asset managers and non-bank financial institutions.
The bank currently supports Bitcoin (BTC), XRP Ledger (XRPL), Ether (ETH), and USD Coin (USDC) for storage, management, and transfer services.
Absa plans to expand the list of supported assets, with Rob Downs, head of digital assets at Absa Corporate and Investment Banking, citing the need to cater to other client segments in South Africa and potentially offer the solution in other African countries subject to regulatory approval.
The move comes as assets under custody at three major South African digital-asset firms more than doubled from less than 10 billion rand at the start of 2023 to 25.3 billion rand (about $1.5 billion) at the end of 2024.