First National Bank (FNB) is planning to expand its cryptocurrency offerings and enable the trading of real-world assets using blockchain technology. According to Sebastian Pillay, head of share investing at FNB Wealth and Investments, the bank will increase the number of cryptocurrencies traded on its platform and allow clients to transfer and trade assets digitally. This move is part of FNB's efforts to provide a more comprehensive crypto offering to its clients.
FNB recently launched its Crypto Investing platform, which allows clients to invest in cryptocurrencies through the FNB share trading platform. The bank has initially listed five digital currencies: Bitcoin, Ethereum, Ripple, Solana, and USDT, a stablecoin pegged to the dollar. Pillay stated that as the environment matures, FNB will look at enabling transfers in and out for clients, adding more crypto tokens, and enabling real-world assets for clients.
The concept of real-world assets refers to the digital representation of actual assets that can be found in the traditional finance space or in the real world. For example, a piece of a house can be digitally represented, allowing clients to own a fraction of the asset. This is made possible through tokenisation, a process that involves creating digital tokens that represent fractional ownership of real-world assets.
Tokenisation is taking off, not only in payments but also in the representation of ownership in assets such as office buildings. Tokens, or digital representations of ownership, are created on the blockchain, and each token corresponds to a determined fraction of ownership. The tokens can be traded and accumulated to increase one's ownership stake.
FNB's move into the crypto space is part of a larger trend of mainstream adoption of blockchain technology, driven in part by large fund managers such as BlackRock. The bank has partnered with VALR and plans to partner with other relevant and prudent partners to bring solutions to the market that meet its clients' needs.
The crypto market in South Africa is growing rapidly, with over 6 million South Africans holding a crypto asset. Crypto assets under custody at major local platforms, including Luno, VALR, and Ovex, topped R25 billion by late 2025. FNB's expansion into the crypto space is part of a wave of crypto integrations announced in recent months by legacy financial service houses and new fintech operators.
Other financial institutions, such as Capitec, have also signed deals that enable their customers to fund Binance wallets through their banking apps. FNB's plans to expand its crypto offering and enable the trading of real-world assets using blockchain technology are expected to contribute to the growth of the crypto market in South Africa.
Key points
- FNB plans to add more cryptocurrencies to its trading platform and enable transfers and trading of real-world assets using blockchain technology.
- The bank has partnered with VALR and plans to partner with other relevant and prudent partners to bring solutions to the market.
- The crypto market in South Africa is growing rapidly, with over 6 million South Africans holding a crypto asset.
