Absa Group Ltd. has launched the Absa Digital Asset Custody platform in South Africa, becoming the first bank on the continent to provide institutional-grade digital asset custody services. The division responsible for the rollout is the bank's Corporate and Investment Banking unit, which officially initiated operations on September 21, 2026.
The platform utilizes infrastructure developed by Ripple, following a partnership agreement announced on October 15, 2025. The service currently supports Bitcoin, Ether, USDC, and XRPL assets, with Bitcoin accounting for the largest portion of the assets held under custody. The bank intends to expand the list of supported assets in the future.
The service is designed exclusively for institutional clients, including asset managers, corporate treasuries, and non-bank financial institutions, while retail customers are excluded. The platform operates within the bank's existing compliance frameworks and is subject to South African regulatory oversight.
According to data from the South African Reserve Bank, the value of crypto assets in the country was projected to reach approximately ZAR 25,3 billion, or about $1,5 billion, by the end of 2024. Absa is currently evaluating the possibility of expanding its digital asset services to other African jurisdictions.
