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      Absa Bank Becomes First African Bank to Offer Bitcoin Custody Services

      Absa Bank, headquartered in Johannesburg, South Africa, has made history by becoming the first bank in Africa to offer Bitcoin custody services. This initiative primarily targets institutional clients and will also extend to custody services for other digital assets. Rob Downes, head of digital assets at Absa's Corporate and Investment Banking division, highlighted that Bitcoin is currently the largest asset under custody at the bank, with plans to diversify into additional asset classes in the future.

      The move comes as banks globally are increasingly integrating cryptocurrency-related products and services. In the United States and Europe, several banks have begun offering crypto asset custody for institutional clients. Notably, BNY Mellon became the first major bank in the U.S. to provide digital asset custody services in 2022, while Deutsche Bank recently announced plans to launch Bitcoin custody services for European businesses and institutional clients later in 2026.

      South Africa has a significant base of crypto users, with a report from Chainalysis in 2025 indicating that the country's on-chain value reached $36 billion, making it the second largest in Sub-Saharan Africa, following Nigeria. The South African market is distinguished by its institutional characteristics and a relatively clear regulatory framework, which has issued numerous licenses to virtual asset service providers, thereby attracting professional investors and traditional financial institutions.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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