Absa becomes first African bank to offer digital asset custody

Absa Group has become the first African bank to offer digital asset custody as it moves into a market that has grown rapidly in South Africa, with crypto assets held by the country’s three largest licensed providers reaching about $1.5 billion. Read also: Over 300 airport cab jobs at risk as FAAN’s October vehicle upgrade deadline nears The Johannesburg based lender will provide institutional clients in South Africa, including asset managers, non bank financial institutions and corporates, with services for the secure storage, administration and transfer of digital assets. Rob Downes, head of digital assets at Absa’s corporate and investment banking unit, said the bank plans to extend the service to more clients and other African markets, subject to regulatory approval. “We expect to extend this to other client segments in South Africa in due course, and are actively working on bringing the solution to some of our other African presence countries in line with regulatory approvals required,” Downes said. Read also: DLM Capital Group Delivers Second Coupon Payment on AAA-Rated SBCN Absa received approval from South African regulators to provide the service, which currently supports Bitcoin, the XRP Ledger, Ethereum and USDC. The bank plans to add more digital assets as demand from clients grows. “Bitcoin is the predominant asset in custody,” Downes said. He added that the bank was working with clients to support “other crypto assets they would like to be custodied in South Africa.” The move comes as institutional interest in digital assets expands and financial institutions seek regulated ways to hold and transfer cryptocurrencies. The South African Reserve Bank estimates that crypto assets held by the country’s three largest licensed service providers, Luno, VALR and Ovex, more than doubled to 25.3 billion rand, or about $1.5 billion, by the end of 2024 from less than 10 billion rand at the start of 2023. The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Read also: Over 300 airport cab jobs at risk as FAAN’s October vehicle upgrade deadline nears The Johannesburg based lender will provide institutional clients in South Africa, including asset managers, non bank financial institutions and corporates, with services for the secure storage, administration and transfer of digital assets. Rob Downes, head of digital assets at Absa’s corporate and investment banking unit, said the bank plans to extend the service to more clients and other African markets, subject to regulatory approval. “We expect to extend this to other client segments in South Africa in due course, and are actively working on bringing the solution to some of our other African presence countries in line with regulatory approvals required,” Downes said. Read also: DLM Capital Group Delivers Second Coupon Payment on AAA-Rated SBCN Absa received approval from South African regulators to provide the service, which currently supports Bitcoin, the XRP Ledger, Ethereum and USDC. The bank plans to add more digital assets as demand from clients grows. “Bitcoin is the predominant asset in custody,” Downes said. He added that the bank was working with clients to support “other crypto assets they would like to be custodied in South Africa.” The move comes as institutional interest in digital assets expands and financial institutions seek regulated ways to hold and transfer cryptocurrencies. The South African Reserve Bank estimates that crypto assets held by the country’s three largest licensed service providers, Luno, VALR and Ovex, more than doubled to 25.3 billion rand, or about $1.5 billion, by the end of 2024 from less than 10 billion rand at the start of 2023. The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

The Johannesburg based lender will provide institutional clients in South Africa, including asset managers, non bank financial institutions and corporates, with services for the secure storage, administration and transfer of digital assets. Rob Downes, head of digital assets at Absa’s corporate and investment banking unit, said the bank plans to extend the service to more clients and other African markets, subject to regulatory approval. “We expect to extend this to other client segments in South Africa in due course, and are actively working on bringing the solution to some of our other African presence countries in line with regulatory approvals required,” Downes said. Read also: DLM Capital Group Delivers Second Coupon Payment on AAA-Rated SBCN Absa received approval from South African regulators to provide the service, which currently supports Bitcoin, the XRP Ledger, Ethereum and USDC. The bank plans to add more digital assets as demand from clients grows. “Bitcoin is the predominant asset in custody,” Downes said. He added that the bank was working with clients to support “other crypto assets they would like to be custodied in South Africa.” The move comes as institutional interest in digital assets expands and financial institutions seek regulated ways to hold and transfer cryptocurrencies. The South African Reserve Bank estimates that crypto assets held by the country’s three largest licensed service providers, Luno, VALR and Ovex, more than doubled to 25.3 billion rand, or about $1.5 billion, by the end of 2024 from less than 10 billion rand at the start of 2023. The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Rob Downes, head of digital assets at Absa’s corporate and investment banking unit, said the bank plans to extend the service to more clients and other African markets, subject to regulatory approval. “We expect to extend this to other client segments in South Africa in due course, and are actively working on bringing the solution to some of our other African presence countries in line with regulatory approvals required,” Downes said. Read also: DLM Capital Group Delivers Second Coupon Payment on AAA-Rated SBCN Absa received approval from South African regulators to provide the service, which currently supports Bitcoin, the XRP Ledger, Ethereum and USDC. The bank plans to add more digital assets as demand from clients grows. “Bitcoin is the predominant asset in custody,” Downes said. He added that the bank was working with clients to support “other crypto assets they would like to be custodied in South Africa.” The move comes as institutional interest in digital assets expands and financial institutions seek regulated ways to hold and transfer cryptocurrencies. The South African Reserve Bank estimates that crypto assets held by the country’s three largest licensed service providers, Luno, VALR and Ovex, more than doubled to 25.3 billion rand, or about $1.5 billion, by the end of 2024 from less than 10 billion rand at the start of 2023. The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

“We expect to extend this to other client segments in South Africa in due course, and are actively working on bringing the solution to some of our other African presence countries in line with regulatory approvals required,” Downes said. Read also: DLM Capital Group Delivers Second Coupon Payment on AAA-Rated SBCN Absa received approval from South African regulators to provide the service, which currently supports Bitcoin, the XRP Ledger, Ethereum and USDC. The bank plans to add more digital assets as demand from clients grows. “Bitcoin is the predominant asset in custody,” Downes said. He added that the bank was working with clients to support “other crypto assets they would like to be custodied in South Africa.” The move comes as institutional interest in digital assets expands and financial institutions seek regulated ways to hold and transfer cryptocurrencies. The South African Reserve Bank estimates that crypto assets held by the country’s three largest licensed service providers, Luno, VALR and Ovex, more than doubled to 25.3 billion rand, or about $1.5 billion, by the end of 2024 from less than 10 billion rand at the start of 2023. The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Read also: DLM Capital Group Delivers Second Coupon Payment on AAA-Rated SBCN Absa received approval from South African regulators to provide the service, which currently supports Bitcoin, the XRP Ledger, Ethereum and USDC. The bank plans to add more digital assets as demand from clients grows. “Bitcoin is the predominant asset in custody,” Downes said. He added that the bank was working with clients to support “other crypto assets they would like to be custodied in South Africa.” The move comes as institutional interest in digital assets expands and financial institutions seek regulated ways to hold and transfer cryptocurrencies. The South African Reserve Bank estimates that crypto assets held by the country’s three largest licensed service providers, Luno, VALR and Ovex, more than doubled to 25.3 billion rand, or about $1.5 billion, by the end of 2024 from less than 10 billion rand at the start of 2023. The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Absa received approval from South African regulators to provide the service, which currently supports Bitcoin, the XRP Ledger, Ethereum and USDC. The bank plans to add more digital assets as demand from clients grows. “Bitcoin is the predominant asset in custody,” Downes said. He added that the bank was working with clients to support “other crypto assets they would like to be custodied in South Africa.” The move comes as institutional interest in digital assets expands and financial institutions seek regulated ways to hold and transfer cryptocurrencies. The South African Reserve Bank estimates that crypto assets held by the country’s three largest licensed service providers, Luno, VALR and Ovex, more than doubled to 25.3 billion rand, or about $1.5 billion, by the end of 2024 from less than 10 billion rand at the start of 2023. The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

“Bitcoin is the predominant asset in custody,” Downes said. He added that the bank was working with clients to support “other crypto assets they would like to be custodied in South Africa.” The move comes as institutional interest in digital assets expands and financial institutions seek regulated ways to hold and transfer cryptocurrencies. The South African Reserve Bank estimates that crypto assets held by the country’s three largest licensed service providers, Luno, VALR and Ovex, more than doubled to 25.3 billion rand, or about $1.5 billion, by the end of 2024 from less than 10 billion rand at the start of 2023. The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

The move comes as institutional interest in digital assets expands and financial institutions seek regulated ways to hold and transfer cryptocurrencies. The South African Reserve Bank estimates that crypto assets held by the country’s three largest licensed service providers, Luno, VALR and Ovex, more than doubled to 25.3 billion rand, or about $1.5 billion, by the end of 2024 from less than 10 billion rand at the start of 2023. The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

The broader global digital asset custody market is also expanding. It is estimated at about $953.5 billion in 2026 and could reach $4.38 trillion by 2033, according to the figures provided. For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

For Absa, the custody service creates a new channel into a growing digital asset market while allowing institutional clients to access crypto services through a regulated banking platform. Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Read also: US chamber of commerce opens new tourism investment window with $10bn fund for EWAA The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

The bank’s planned expansion into other African markets will depend on regulatory approvals in each jurisdiction. Related News Nigeria’s fragmented retail market forces brands back to the neighbourhood Atiku tackles Tinubu over national budget, ‘Yahoo Yahoo’ promises The rising public debt in Nigeria: A mountain on a fragile economy and what it means for the future Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance.