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FNB launches cryptocurrency trading on its platform in partnership with VALR
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TechCentral
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FNB launches cryptocurrency trading on its platform in partnership with VALR

First National Bank (FNB) has launched the ability to trade cryptocurrencies on its stock trading platform. This initiative was implemented in collaboration with the local crypto exchange VALR, but clients will not be able to withdraw their coins outside of the bank's ecosystem.

The bank announced on Tuesday that clients can trade five crypto assets: Bitcoin, Ethereum, XRP, Solana, and the dollar-pegged stablecoin USDT. The minimum trading amount is only 10 Rand. These assets are available through existing FNB products: Share Saver, Share Builder, Share Investor, and Share Zero.

FNB emphasized that the trading is 'isolated within the FNB ecosystem,' and crypto assets cannot be transferred into or out of it. The bank explained this as a measure of platform security and a 'more conservative approach to compliance norms and export control laws.' Purchases are financed directly from FNB client accounts, which precludes the possibility of withdrawing coins to personal wallets or other exchanges, as well as depositing cryptocurrencies already held by the client.

This model differs from the approach of Discovery Bank. Last November, Discovery announced the provision of crypto trading through its app using Luno, where clients could link or open a Luno account and move funds between it and their bank account.

Management Comments on Market Development

Sizwe Nksedlana, CEO of FNB and RMB Private Banking and Wealth Management, noted that the bank responded to client requests regarding alternative investments. He stated that 'cryptocurrency as an asset class offers this diversification.'

Bhekis Mkhize, CEO of FNB Wealth and Asset Management, shared that the bank has observed 'a lot of activity and interest' in cryptocurrencies among its clients, but also warned about the risks inherent in this asset class. He added that 'we want to ensure that clients understand what they are buying, what they are investing in, volatility, and have tools to manage their trading activities.' FNB plans to gradually expand its crypto offerings and provide educational content.

This launch comes amid the South African crypto industry's struggle with a cross-border rules project being developed by the national treasury and the Reserve Bank. Local platforms, including VALR, opposed this project, while Luno claimed this week that it could contradict South Africa's obligations to the International Monetary Fund.

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FNB and VALR launch cryptocurrency trading via bank's investment platform
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iol.co.za

FNB and VALR launch cryptocurrency trading via bank's investment platform

FNB clients can now buy and trade selected cryptocurrencies through the bank's existing investment platform. The financial group is expanding its presence in the fast-growing digital asset market.

The bank has partnered with the South African cryptocurrency exchange VALR, providing clients access to five digital assets: Bitcoin, Ethereum, XRP, Solana, and USDT, which is a stablecoin pegged to the US dollar.

This service is available through FNB Share Saver, Share Builder, Share Investor, and Share Zero products, with a minimum investment amount of R10. Trading is available 24 hours a day, seven days a week.

FNB explained that this solution was driven by growing client interest in alternative investments and is part of the bank's efforts to provide clients with access to a wider range of asset classes through its existing investment infrastructure.

Sizwe Nksedlana, CEO of FNB and RMB Private Banking and Wealth Management, noted that this offering will allow clients to access crypto assets while utilizing FNB's existing investment capabilities.

Bheki Mkhize, CEO of FNB Wealth and Asset Management, stated that the bank has observed increased client interest in cryptocurrencies. He added that the service will provide investors with access to alternative assets within a diversified portfolio because 'clients need a reliable platform, which FNB provides.'

However, FNB's crypto offering has a significant difference from using a traditional cryptocurrency exchange. The service is fully isolated within the FNB ecosystem. Clients fund their cryptocurrency purchases from their FNB accounts, but the digital assets cannot be transferred to an external crypto wallet or moved on or off the platform.

FNB stated that this structure gives the bank greater control over security, compliance, and currency control issues, while allowing clients to buy, sell, and hold selected assets within their current investment environment.

The bank also intends to increase the number of available cryptocurrencies on the platform and provide educational materials to help clients understand digital assets and associated investment risks.

It is important to note that crypto assets can be extremely volatile, and prices can change sharply in short periods. Unlike traditional investments such as stocks or bonds, cryptocurrencies do not represent ownership shares in an underlying company or a standard debt obligation.

FNB's move comes as South African banks increasingly move away from distancing themselves from crypto services and begin integrating digital assets into their investment offerings. Discovery Bank became the first South African bank to offer cryptocurrency trading directly through its banking app, in partnership with Luno at the end of 2025. Its service allows clients to access over 50 crypto assets through the Luno platform, with the crypto portfolio integrated into the banking app.

Thus, FNB's partnership with VALR adds another major bank-supported channel to the crypto asset market, although the more limited selection of assets and restrictions on external cryptocurrency transfer differentiate this offering from a standard exchange account.

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