South Africa's second-largest bank FNB launches crypto trading
First National Bank (FNB), part of South Africa's second-largest banking group by assets, has launched a cryptocurrency investment service. Customers can now access Bitcoin, Ethereum, XRP, Solana and USDT through the bank's existing share-trading platform.
According to Business Day, FNB partnered with licensed South African crypto exchange VALR to launch the service. The minimum trade is 10 rand, and trading is available 24 hours a day, seven days a week.
The new feature is available through the bank's Share Saver, Share Builder, Share Investor and Share Zero investment products. FNB said the move reflects growing customer demand for alternative assets and provides broader access to different investment instruments.
Crypto assets to remain within FNB ecosystem
Purchases are funded directly from customers' FNB accounts. However, customers cannot withdraw purchased digital assets to external wallets or transfer crypto from outside the platform.
The bank said the restriction is intended to maintain control over security, regulatory compliance and foreign exchange requirements. FNB Wealth and Asset Management CEO Bheki Mkhize said customers are showing increasing interest in cryptocurrencies but also need a trusted platform to access them.
FNB plans to gradually expand the range of available assets. The bank also intends to provide educational materials on cryptocurrencies and the risks associated with them.
FNB has become one of several major South African banks developing digital asset services.
Africa expands digital asset infrastructure
The development of bank-based crypto services comes as digital asset infrastructure continues to expand across Africa. In September, Tether and fintech company Shiga announced plans to develop self-custody solutions for users and financial institutions across the region and the Gulf states.
The products will support USDT, Bitcoin and Tether Gold. The project expands Tether's presence in the region beyond developer tools and aims to create services that allow users to maintain direct control over their assets.
Earlier, we reported that South African bank Absa launched a digital asset custody service. The service marks another step toward integrating crypto infrastructure into the country's traditional financial sector.
Latest South Africa News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
