African Bank Pioneer: Absa Launches Digital-Asset Custody Services

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

The bank received regulatory approval to launch the service, which will be expanded to other client segments and African markets subject to further approvals. Absa plans to add more assets to its custody offering in the future.

Crypto assets under custody in South Africa reached R25.3 billion ($1.5 billion) by the end of 2024, according to the South African Reserve Bank.