First National Bank (FNB) has launched cryptocurrency trading for clients in South Africa through its existing investment platform. Users can purchase five digital assets starting from R10: Bitcoin, Ether, XRP, Solana, and the stablecoin USDT. The service operates 24/7, unlike the stock market. FNB implements it in partnership with the local exchange VALR, which holds a license for crypto asset services. FNB is part of FirstRand, the second-largest banking group in South Africa with assets of approximately R2.7 trillion.
Crypto investing has been added to four FNB products: Share Saver, Share Builder, Share Investor, and Share Zero. Clients use funds from their FNB accounts, with a minimum amount of R10, and there is no need to open a separate account on the exchange. Sizwe Nxasana, CEO of FNB and RMB Private Banking and Wealth Management, noted that the bank introduced the service in response to customer requests. Bheki Mkhize, CEO of FNB Wealth and Asset Management, warned of risks and volatility and called it "just the beginning." Cryptocurrency purchased through FNB cannot be transferred in or out of the platform, meaning it cannot be withdrawn to a personal wallet or deposited with existing assets.
VALR is licensed by the FSCA regulator under number FSP 53308. By March 2026, the number of licensed crypto asset providers in South Africa is expected to reach 310. USDT remains the preferred stablecoin for domestic transactions. South Africa is preparing a draft Crypto Assets Manual, with comments closed on September 30, and local crypto companies have frozen deals worth R2.2 billion pending clarity. FNB is not the first such bank: Discovery Bank operates through Luno, and Absa has launched institutional custody with Ripple. More than 6 million South Africans own crypto assets, and the volume of assets on Luno, VALR, and Ovex exceeded R25 billion by the end of 2025.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.