First National Bank (FNB), a unit of South Africa's second-largest banking group by assets, has launched a crypto investing service built in partnership with VALR, a locally licensed digital asset exchange. Customers can now trade bitcoin, Ethereum, XRP, Solana, and the USDT stablecoin directly through the bank's existing share-trading platform.

The service operates around the clock — a contrast with the fixed trading hours of conventional equity markets — and carries a minimum investment of just R10, framing it as a low-barrier entry point for retail clients. According to Sizwe Nxedlana, CEO of FNB and RMB Private Banking and Wealth Management, the launch responds directly to sustained customer demand for alternative investment solutions. The platform initially offers a curated set of coins, and the bank says additional crypto investment options are planned as the service develops. For clients, the integration places digital assets alongside traditional share holdings within an existing banking relationship rather than in a standalone crypto app.

South African Lenders Move Deeper Into Digital Assets

FNB's move reflects a broader shift among South African banks toward embracing digital assets, which have gained substantial traction with local consumers. Crypto assets held in custody at major local platforms — Luno, VALR, and Ovex — exceeded R25 billion by late 2025, and more than six million South Africans are estimated to hold crypto assets. Southern Africa is regarded as one of the world's largest markets for bitcoin adoption.

Bheki Mkhize, CEO of FNB Wealth and Asset Management, said the group has observed considerable activity and interest among its clients regarding cryptocurrency. He emphasized that clients require a trusted platform to access such alternative assets and diversify their investments, while also acknowledging the risks involved. The bank intends to equip clients with tools to manage trading activity and understand the volatility of crypto assets and plans to broaden the offering with more investment options and educational content.

Competition Intensifies as Discovery Bank Plans Wider Offering

FNB's entry comes as competition in the sector accelerates. Discovery Bank, a central component of Discovery's growth strategy, announced plans last year to introduce crypto trading across more than 50 digital assets in partnership with Luno — South Africa's leading crypto platform, used by more than 15 million clients globally.

That decision followed internal findings at Discovery Bank that one in ten of its clients already holds crypto assets, underscoring depth of consumer engagement with digital currencies. Under the partnership, Discovery Bank customers can link their Luno accounts to buy, hold, and sell assets such as bitcoin and Ethereum directly through the bank's app. Both banks' offerings share a common blueprint: client relationships and distribution from the bank, with crypto infrastructure supplied by an established local exchange — VALR in FNB's case, Luno in Discovery's.

The convergence of traditional banking and crypto in South Africa also carries a regulatory dimension. Luno has publicly called on the country's regulators to revise outdated restrictions on digital currencies, arguing that local institutional investors are missing out on billions of rand in untapped potential. Any regulatory response to those appeals would directly shape the operating conditions for bank-integrated crypto services.

With two of the country's prominent banking groups now offering integrated crypto services, South Africa's financial sector appears to be moving decisively toward mainstream acceptance of digital assets. FNB's phased approach — starting with five curated assets and low entry thresholds — suggests incumbent banks are betting that regulated, bank-supervised access will capture demand currently served by standalone exchanges. The markers to watch from here include the scope of FNB's promised additional investment options and educational content, the breadth of Discovery Bank's Luno-linked offering, and any regulatory movement on the restrictions industry players have raised.