Absa Group launches Africa’s first institutional crypto custody service

Absa Group Ltd. has launched institutional digital-asset custody services in South Africa, making it the first bank on the African continent to offer such a service. The offering is designed for institutional clients, including asset managers, corporations, and non-bank financial institutions.

The service currently supports Bitcoin, Ethereum, XRP Ledger, and the USDC stablecoin, with plans to add more assets in the future. Absa aims to tap into the South African crypto market, where assets held by the three largest licensed providers were valued at approximately $1.5 billion at the end of 2024.

Following the initial rollout, the bank intends to expand access to other client segments within South Africa and is exploring the possibility of extending these services to other African markets where it operates, pending necessary regulatory approvals.