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2 clusters · 5 sources · 3 days · First seen · Last updated

First National Bank cryptocurrency trading launch

Overview

First National Bank (FNB) has introduced a “Crypto Investing” feature through a partnership with the local exchange VALR, allowing approximately 9 million clients to trade digital assets within the bank’s mobile application and wealth management ecosystem.

The service supports the trading of five specific assets: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and the Tether (USDT) stablecoin. Transactions can be initiated with a minimum amount of R10 and are funded directly from client bank accounts.

To ensure compliance with South African exchange-control regulations and to prioritize investor protection, FNB has implemented a “walled garden” or “closed-loop” model. Under this architecture, clients cannot transfer existing cryptocurrency holdings into the platform, nor can they withdraw purchased tokens to external wallets or private exchanges. FNB executives stated the restrictive model is intended to mitigate risk and enhance security while responding to client demand for asset diversification.

Entities

First National Bank · VALR · Sizwe Nxedlana · FirstRand Group · Bheki Mkhize

Timeline

  1. [BUSINESS] 2 sources
    First National Bank launches crypto trading via VALR partnership

    South Africa's First National Bank has partnered with VALR to offer cryptocurrency trading for five major digital assets within a secure, ringfenced ecosystem for its clients.

  2. [BUSINESS] 3 sources
    First National Bank launches Bitcoin trading for 9 million clients

    South Africa’s First National Bank has launched a crypto trading feature for 9 million clients, allowing direct investment in Bitcoin, Ethereum, and other digital assets within its app.

Sources

bandwidthblog.co.za · cryptobriefing.com · ethnews.com · journalducoin.com · namibian.com.na