Major African bank Absa launches crypto custody with Bitcoin, Ether, and XRPL support

Absa Group, one of Africa’s largest banking groups, has launched digital asset custody services for institutional clients in South Africa, making it the first bank on the continent to offer the service.

The rollout comes after the Johannesburg-based lender won approval from South African regulators.

Absa’s custody platform targets institutional customers, including asset managers, non-bank financial institutions and corporates, with digital asset safekeeping, administration and transfer services.

It currently covers Bitcoin, Ethereum, assets on the XRP Ledger and USDC and plans to broaden the range of supported assets as demand develops. Bitcoin accounts for most assets currently held in custody, according to Rob Downes, head of digital assets at Absa’s corporate and investment banking unit.

The bank also plans to expand the service to more client segments in South Africa and potentially to other African countries where it operates.

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