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Absa Becomes First African Bank to Offer Digital-Asset Custody
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
South Africa’s Absa Group has launched digital-asset custody services for institutional clients after receiving regulatory approval. The service supports Bitcoin, XRP Ledger, Ethereum and USDC, with plans to add more assets. Absa will provide safekeeping, administration and transfer services to asset managers, non-bank financial institutions and corporates. The bank plans to expand the service to other client segments and African markets, subject to regulatory approvals. South African crypto assets under custody reached R25.3 billion ($1.5 billion) by the end of 2024, according to the South African Reserve Bank.
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