South African bank Absa, based in Johannesburg, has become the first financial institution on the African continent to offer bitcoin custody services for institutional clients, including other digital assets. According to Rob Downes, head of digital assets at Absa’s corporate and investment banking division, bitcoin represents the largest asset the bank will custody, but other cryptocurrencies will be progressively integrated. In 2025, South Africa recorded 36 billion dollars in on-chain value, ranking second in Sub-Saharan Africa behind Nigeria which received 92.1 billion dollars, nearly three times more. The country ranks 30th globally in cryptocurrency adoption, with a more institutional market than Nigeria, thanks to regulatory clarity that has enabled the issuance of hundreds of licenses to virtual asset service providers.
Source: Read the original article
