First National Bank (FNB) has expanded its share trading platform to include crypto currencies, catering to the growing demand for digital assets in South Africa. The new Crypto Investing platform allows clients to invest in a curated selection of coins, including bitcoin, Ethereum, Ripple, Solana, and USDT, a stablecoin pegged to the dollar. This move is in response to customer feedback, according to Sizwe Nxedlana, CEO of FNB and RMB Private Banking and Wealth Management.
The inclusion of crypto currencies in FNB's alternative investment solutions aims to provide clients with a safe and easy way to access digital assets. Nxedlana emphasized that the bank's investment knowledge and experience will benefit clients as they trade crypto assets. The platform is designed to offer diversity and high growth potential, aligning with client requests for alternative investment solutions. FNB's foray into crypto trading reflects the growing interest in digital currencies among South African consumers.
The popularity of crypto assets in South Africa is evident, with over 6 million people holding digital currencies. According to reports, crypto assets under custody at major local platforms, including Luno, VALR, and Ovex, exceeded R25 billion by late 2025. Southern Africa boasts one of the largest uptakes of bitcoin globally, highlighting the region's significant interest in digital currencies. FNB's entry into the market is expected to provide a trusted platform for clients to access alternative assets.
Bheki Mkhize, CEO of FNB Wealth and Asset Management, noted that the group has observed significant activity and interest from clients around cryptocurrency. He emphasized the importance of a trusted platform, which FNB provides, to help clients diversify their investments. Mkhize also highlighted the need for clients to understand the risks associated with investing in crypto currencies, including volatility, and the tools available to manage trading activities.
FNB's crypto offering is expected to evolve over time, with plans to broaden investment options and provide educational content. The bank's approach aims to balance the potential benefits of crypto currencies with the associated risks. This development follows similar moves by other financial institutions, such as Discovery Bank, which announced plans to add crypto trading in over 50 crypto assets in partnership with Luno.
The partnership between Discovery Bank and Luno enables clients to link their Luno accounts to buy, hold, and sell crypto assets through the Discovery Bank app. Luno, used by over 15 million clients, has called for South Africa's regulators to adjust outdated restrictions on digital currencies. The company believes that local institutional investors are missing out on billions of rand in untapped potential due to current regulations.
The growing demand for crypto currencies in South Africa has prompted financial institutions to adapt and offer innovative solutions. FNB's introduction of crypto trading on its share platform is a significant development in the country's financial sector. As the market continues to evolve, clients will have access to a range of investment options and educational resources to help them navigate the world of digital currencies.
Key points
- FNB has added crypto currencies to its share trading platform, offering clients access to digital assets like bitcoin and Ethereum.
- Over 6 million South Africans hold crypto assets, with the country's institutional investors missing out on billions of rand in untapped potential due to outdated regulations.
- Financial institutions, such as FNB and Discovery Bank, are expanding their crypto offerings to cater to growing demand and provide clients with alternative investment solutions.
