USDC
+0.0%Absa launches first African bank digital asset custody platform
Image: Crypto BriefingAbsa Group launched its Digital Asset Custody platform in South Africa, becoming the first African bank to offer institutional digital-asset custody. The platform supports Bitcoin, Ether, USDC and XRP Ledger assets. It was built with Ripple technology and targets asset managers, non-bank financial institutions and corporate clients. Bitcoin currently makes up the largest share of assets under custody. South African crypto assets were reported at R25.3 billion by late 2024.
Key points
- Absa launched its Digital Asset Custody platform in South Africa for institutional clients.
- The platform supports Bitcoin, Ether, USDC and XRP Ledger assets.
- Absa built the custody service with Ripple technology.
- Bitcoin accounts for the largest share of assets under custody.
Why it matters
The service gives South African asset managers, non-bank financial institutions and corporates a domestic bank custody option for Bitcoin, Ether, USDC and XRP Ledger assets. It operates inside Absa's existing compliance and regulatory framework.
What's unclear
Absa has not confirmed which additional crypto assets it will support or when.
The reports differ on whether the R25.3 billion figure covers all South African crypto assets or holdings at Luno, VALR and Ovex.
Price context · BTC
At publication
$86,465.00
Now
$86,737.00
Change since
+0.31%
7 days · dashed line = publication
Sources · 2 publishers
CoinGape
Tier 2
South Africa’s Absa Becomes First African Bank to Offer Crypto Custody
Coverage timeline
- First reported by Crypto Briefing
- Confirmed by CoinGape
- CryptoVideos brief published
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
