South Africa’s Absa Becomes First Bank on the Continent to Custody Bitcoin: Report

Key points

• South African lender Absa has become the first African bank to custody bitcoin, serving institutional clients, with other digital assets also included, according to a Bloomberg report.
• Absa's Rob Downes was quoted saying bitcoin would be the largest asset custodied, with others to follow; the bank did not respond to Bitcoin Magazine.
• Chainalysis's 2025 report put South Africa's on-chain value at $36.0 billion, second in Sub-Saharan Africa behind Nigeria's $92.1 billion, and 30th globally for adoption.

AI summary of Bitcoin Magazine’s report, written only from the publisher’s text. Read the original for full context.