Absa Group has launched a digital-asset custody service, becoming the first bank in Africa to offer one. It provides institutional clients in South Africa with safekeeping, administration, and transfer services for digital assets. Clients include asset managers, non-bank financial institutions, and corporations.
Absa is targeting a market estimated at approximately $1.5 billion (R25 billion). The service has regulatory approval and currently supports Bitcoin, XRP Ledger, Ethereum, and USDC.
Rob Downes, head of digital assets at Absa’s corporate and investment banking unit, said the bank plans to expand the service to other client segments. Absa is also working to introduce it in other African countries, subject to regulatory approvals.