It is reported that Absa Bank of South Africa has become the first African bank to offer Bitcoin custody services.

Bloomberg first reported on Friday that this bank, headquartered in Johannesburg, will provide services to institutional clients, mainly focusing on Bitcoin custody, but the service will also cover other digital assets.

Many banks around the world are integrating or launching products and services related to Bitcoin. Some banks in the United States and Europe have already begun providing crypto-related services by managing assets for institutions.

According to the quote, Absa, the person in charge of the digital asset business at the investment banking department, Rob Downes, stated that although Bitcoin will be the largest asset class managed by the bank, other assets will also be added in the future.

Absa did not immediately respond to the comment request from Bitcoin Magazine.

The African continent boasts a vast base of native cryptocurrency users, and data companies often highlight the high adoption rates there, especially in countries where the local currency has significantly depreciated.

In the Chainalysis 2025 report, the value on the blockchain in South Africa was 36 billion US dollars, ranking second in Sub-Saharan Africa. Nigeria alone received 92.1 billion US dollars, nearly three times the total of South Africa, which ranks second.

South Africa ranks 30th in the global adoption index of cryptography.

Its market characteristics differ from those of Nigeria: the South African market is more institutionalized. The clarity of regulation has led to the issuance of hundreds of VASP licenses, attracting professional investors and traditional financial institutions.

In 2022, Bank of New York Mellon became the first major U.S. bank to offer digital asset custody services. This month, Deutsche Bank, a German multinational banking firm, announced that it will launch Bitcoin custody services for European corporate and institutional clients later in 2026.