First National Bank, South Africa’s second-largest bank, has launched a cryptocurrency trading service called “Crypto Investing” available to nearly 9 million retail clients. The service, developed in partnership with local exchange platform VALR, allows users to buy and sell five assets: Bitcoin, Ethereum, XRP, Solana, and the USDT stablecoin, with a minimum transaction of 10 rands (approximately $0.60). Customers fund their purchases directly from their bank accounts, but acquired cryptocurrencies remain locked within the bank’s ecosystem due to South African exchange control regulations and security measures. This initiative follows a similar partnership between Discovery Bank and Luno in November 2025, reflecting a broader trend in South African banking. Over 6 million South Africans held digital assets by late 2025, representing more than 25 billion rands under custody.
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