FNB has added cryptocurrency trading to its banking platform, letting customers buy and sell five coins through its share trading service.
The bank said it partnered with crypto exchange VALR to offer the service. Customers can trade Bitcoin, Ethereum, Ripple, Solana and USDT through the Share Saver, Share Builder, Share Investor and Share Zero products.
“FNB customers will now have access and exposure to crypto assets, with the ability to trade a set of curated coins, as well as benefit from the bank’s investment knowledge and experience,” said Sizwe Nxedlana, CEO of FNB and RMB Private Banking and Wealth Management.
Trades start from R10. Trading is open 24 hours a day, seven days a week.
Nxedlana said USDT is a stablecoin pegged to the US dollar. All five coins are on FNB’s share trading platform.
The bank said the crypto service is ring-fenced inside the FNB system. Customers will pay with money held in their FNB accounts. Crypto cannot be moved into or out of the platform.
FNB said this setup gives it tighter control over security, compliance and exchange control rules.
Bheki Mkhize, CEO of FNB Wealth and Asset Management, said clients had shown strong interest in crypto. “Clients require a trusted platform, which FNB provides. This gives them access to alternative assets to help diversify their investments,” he said.
Nxedlana said the bank listened to clients who asked for other ways to invest. “We believe this offering provides a safe and easy way for our customers to access crypto-currencies,” he said.
Mkhize also warned customers about the risks. He said crypto has potential benefits but also carries risk.
“We want to ensure clients understand what they are buying, investing in, the volatility and have tools to manage their trading activities,” Mkhize said.
FNB plans to give customers learning material on crypto in text, video and audio form.
Other South African banks have also started offering crypto services, which they avoided in the past, ITWeb reported.
Discovery Bank was the first local bank to offer crypto trading in its banking app. It partnered with Luno, and customers can link their Luno accounts to buy, sell and hold coins such as Bitcoin and Ethereum.
Absa partnered with Ripple to offer digital asset custody to corporate and institutional clients. This includes safe storage of tokenised assets and cryptocurrencies.
Nedbank partnered with Crypto.com to explore blockchain payments, including converting between rand and USDC. Its rollout will start with individual clients and later include businesses, subject to regulatory rules.
FNB said the service will start with the five coins, with more investment options planned. “This is just a start,” Mkhize said.
Source: this article is based on reporting by ITWeb. Image: ITWeb. Written with the help of AI and published by the Tzaneen Voice Technology desk. See our Editorial Standards.
Werner Jacobs covers technology for Tzaneen Voice. Werner reports on mobile networks, data prices, internet access, smartphones, apps, AI, cybersecurity and South African tech companies. Each story explains what a new product, price change or policy means for ordinary users in South Africa.