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FNB launched a cryptocurrency investment service for nearly 9 million retail customers on October 6. Customers can buy and sell five digital assets, including Bitcoin and Ethereum, through existing stock trading platforms, with a starting investment amount of 10 rand and trading around the clock. Due to safety, compliance and foreign exchange control considerations, funds and assets cannot be transferred inside and outside the platform. FNB plans to add more assets and educational content in the future, but has not yet announced a specific timetable.
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FNB launches cryptocurrency investment service, VALR provides technical support
South Africa's First National Bank (FNB) officially launched its "cryptocurrency investment" service on October 6, which is open to nearly 9 million retail customers. The service allows customers to purchase, sell and trade selected cryptocurrencies through FNB's existing stock trading platform without the need to open a separate cryptocurrency exchange account.
The service initially supports five digital assets: Bitcoin, Ethereum, XRP, Solana and USDT (stablecoin issued by Tether and pegged to the US dollar). Trading thresholds are as low as 10 South African rand (approximately RMB 4) and trading services are available 24 hours a day, 7 days a week.
Customers can access cryptocurrency services through FNB's products such as Share Saver, Share Builder, Share Investor and Share Zero, and funds are deducted directly from their FNB bank accounts.
Cryptographic assets remain in the FNB system
The service's operating model is different from traditional cryptocurrency exchanges. Due to security, compliance, and South Africa's foreign exchange control rules, customers cannot withdraw their cryptocurrencies into external wallets or send them to other exchanges, nor can they transfer cryptocurrencies already held on other platforms to FNB services. The bank said the service was strictly quarantined within its own systems.
Therefore, the service mainly provides market Exposure rather than the control that a self-managed wallet has. Customers can buy and sell the supported assets as investments, but cannot use these assets directly on the blockchain network.
VALR provides trading technology
FNB has partnered with South African cryptocurrency exchange VALR, which provides technical support for the service. VALR was established in 2018 and is headquartered in Johannesburg. According to VALR, it serves more than 1 million users and nearly 1,000 corporate and institutional customers, holds a South African Financial Services Provider Licence, and is registered as an accountable agency with the Financial Intelligence Center.
This cooperation allows FNB to introduce cryptocurrency to its platform without directing customers to independent exchanges; it also allows VALR to reach a large bank customer base.
Bheki Mkhize, CEO of FNB Wealth and Asset Management, said that banks have observed growing customer interest in cryptocurrencies. "Customers need a platform they can trust, and FNB is such a platform." He added,"This gives them access to alternative assets, which helps spread investment risk."
行业背景与未来展望
FNB 此举紧随其他南非银行进入数字资产领域的步伐。Discovery Bank 此前已与 Luno 合作，允许客户通过关联的 Luno 账户购买、持有和出售加密货币；Absa 与 Ripple 合作开展机构级数字资产托管；Nedbank 则与 Crypto.com 合作探索基于区块链的支付、结算和流动性解决方案。
FNB 的服务主要面向零售投资者，旨在将加密货币整合到客户已使用的银行和投资平台中。银行表示，计划随时间推移增加更多加密货币资产和教育内容，但尚未透露将新增哪些资产及其具体时间。
截至 2026 年 10 月 7 日，FNB 客户可通过该平台以低至 10 兰特的金额交易五种加密货币，但加密资产仍无法在服务内外进行转账。
