Absa, a Johannesburg-based financial institution, has officially launched a bitcoin custody service. This move marks the first instance of an African bank providing such services for digital assets. The bank intends to focus primarily on institutional clients, with plans to expand its offerings to include additional digital assets in the future.
Rob Downes, who leads the digital assets division at Absa’s corporate and investment banking unit, confirmed that bitcoin will be the primary asset for the new service, though the bank expects to add others. This development aligns with a broader global trend where financial institutions in the U.S. and Europe are increasingly integrating crypto-related custody solutions for their corporate clients.
The South African market shows a distinct institutional focus compared to other regional peers. According to the 2025 Chainalysis report, South Africa recorded $36 billion in on-chain value, ranking second in Sub-Saharan Africa. The country’s regulatory environment has facilitated the issuance of hundreds of licenses to virtual asset service providers, drawing interest from professional investors.
The landscape of digital asset custody continues to evolve globally. BNY Mellon initiated its custody services for digital assets in 2022. Furthermore, Deutsche Bank has announced plans to introduce a bitcoin custody service for European corporate and institutional clients, which is scheduled to debut in 2026.
