727 FinanceChainCatcher news, according to Bloomberg reports, South Africa's Johannesburg bank Absa has become the first bank in Africa to provide Bitcoin custody, serving mainly institutional customers, and will also provide other digital asset custody services. Rob Downes, head of digital assets at Absa’s corporate and investment banking division, said Bitcoin is the largest asset under the bank’s custody and more asset classes will be included in the future. Absa did not immediately respond to Bitcoin Magazine’s request for comment.
Many banks around the world are gradually integrating or launching Bitcoin-related products and services, and some banks in the United States and Europe have begun to provide crypto asset custody for institutional customers. In 2022, Bank of New York Mellon became the first major U.S. bank to offer digital asset custody services; this month, Deutsche Bank said it would launch Bitcoin custody services for European corporate and institutional clients later in 2026.
Africa has a huge crypto-native user base. Chainalysis’ 2025 report shows that South Africa’s on-chain value reaches $36 billion, ranking second in sub-Saharan Africa after Nigeria’s $92.1 billion; South Africa ranks 30th in the Global Crypto Adoption Index. Unlike Nigeria, the South African market is more institutionalized with a relatively clear regulatory framework. Hundreds of licenses have been issued to virtual asset service providers, attracting professional investors and traditional financial institutions.