South Africa’s First National Bank has launched cryptocurrency trading through a partnership with digital asset exchange VALR, allowing customers to buy and sell digital assets through its existing investment platform.
The service extends cryptocurrency investing to FNB’s retail customer base of nearly nine million, although the bank has not disclosed how many customers have signed up for the offering.
Customers can trade five digital assets: Bitcoin, Ethereum, XRP, Solana and USDT, a stablecoin designed to track the U.S. dollar. Trading is available around the clock through FNB’s banking app.
The offering allows customers to access cryptocurrencies alongside conventional investments without opening a separate trading account with an exchange. However, the service restricts transfers of crypto assets into or out of FNB’s platform.
“Crypto assets cannot be transferred in or out,” FNB said in its announcement. Bheki Mkhize, chief executive of FNB Wealth and Asset Management, said: “We have observed a lot of activity and interest from our clients around crypto”.
The partnership gives VALR access to customers of one of South Africa’s major banking groups, while allowing FNB to expand its investment products without requiring customers to leave its existing platform.
The launch comes as South African financial institutions explore ways to offer digital asset services, including cryptocurrency trading, custody and blockchain-based payments.
Discovery Bank introduced cryptocurrency trading through a partnership with exchange Luno in December 2025, allowing customers to link their Luno accounts to its banking app.
Other banks are exploring different applications of blockchain technology. Absa has partnered with Ripple on institutional custody, while Nedbank has an agreement with Crypto.com covering blockchain-based payments, settlement and liquidity solutions, subject to regulatory requirements.
South Africa has developed a licensing framework for crypto-asset service providers as regulators seek to bring parts of the industry within the financial services regulatory system.
The Financial Sector Conduct Authority began accepting applications from crypto-asset service providers in June 2023. Authorised firms can provide regulated financial services involving crypto assets, including advice and intermediary services.
The framework does not recognise cryptocurrencies as legal tender or eliminate the risks associated with investing in volatile digital assets.
FNB’s service gives customers access to cryptocurrency markets through an established banking interface, but the restrictions on transfers mean they cannot move their holdings to external wallets or other exchanges through the offering.
Customer uptake, trading costs and the performance of digital assets are likely to influence demand for the service as South African banks compete to expand their investment offerings.
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Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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