According to Bitcoin Magazine, South African bank Absa has become the first bank on the continent to custody Bitcoin. The report indicates that Absa has implemented procedures to hold Bitcoin assets under its regulatory oversight as a financial institution.
The development marks Absa’s entry into institutional Bitcoin custody within Africa. No details are provided regarding the amount of Bitcoin held, the custodial technology used, or timelines for future scale. The announcement is described as a report; no official statement from Absa is referenced in the source.
Bitcoin Magazine notes that this action positions Absa ahead of other African banks mentioned in the report as not yet custodying Bitcoin. The focus remains on Absa’s status as the first such bank on the continent to formally custody the asset under its banking framework.
