Key Takeaways
Absa has become the first African bank to offer Bitcoin custody, focusing primarily on institutional clients.
According to Bitcoin Magazine, South African bank Absa has become the first African lender to custody bitcoin. Bloomberg first reported that the Johannesburg-based lender will primarily custody bitcoin for institutional clients, alongside other digital assets. Rob Downes, head of digital assets at Absa’s corporate and investment banking unit, stated that bitcoin is the biggest asset the bank will custody, with others to follow. Absa did not immediately respond to questions from Bitcoin Magazine.
Data firms frequently highlight high crypto adoption across Africa, particularly where currencies have faced significant debasement. Chainalysis reported that South Africa recorded $36.0 billion in on-chain value in 2025, ranking second in Sub-Saharan Africa behind Nigeria at $92.1 billion. South Africa ranked 30th globally for crypto adoption, featuring a market characterized as more institutional with regulatory clarity that has attracted professional investors and traditional finance.
Globally, other major institutions are also entering the space. BNY Mellon offered digital asset custody services in 2022, and Deutsche Bank announced plans to debut a bitcoin custody service for European corporate and institutional clients later in 2026.
Source & Fact-Check Note
https://bitcoinmagazine.com/news/absa-first-african-bank-to-custody-bitcoin
