Breaking: Discovery Bank & Luno Launch Crypto Trading in South Africa – Your Rand Just Got Smarter

South Africa's financial landscape gets a crypto facelift as Discovery Bank partners with Luno to bring digital asset trading to the masses.

Why it matters: Traditional banks playing catch-up with crypto is always entertaining—like watching your grandpa discover TikTok.

The partnership slashes barriers to entry, letting Discovery's 1.2 million customers trade Bitcoin and Ethereum without jumping through fintech hoops.

Behind the scenes: Luno's infrastructure meets Discovery's compliance muscle, creating a rare hybrid that actually follows financial regulations (we checked).

The punchline: Suddenly that 'savings account' earning 0.5% interest looks even sadder next to crypto volatility.

Access to over 50 cryptocurrencies 

“The financial world is evolving fast, and crypto assets have matured to become an accessible, mainstream asset class,” Discovery Bank CEO Hylton Kallner said in a statement. He added that one in ten South Africans already own crypto, and that the rules in the country follow global standards.

The new feature will let customers trade over 50 different types of cryptocurrencies. They will be able to track their balances and transactions in real time, MOVE money instantly without paying fees, and earn Vitality Money Savings points for the crypto they hold in safe Luno wallets.

James Lanigan, CEO of Luno, said the partnership is the first of its kind in Africa. He explained that it gives clients safeguards to trade confidently alongside over 15 million Luno users across Africa, Asia, and Europe.

“This partnership is a clear signal that crypto has moved from a niche to a mainstream investment choice,” Lanigan said. 

Growth and adoption amid competition

Discovery Bank, launched in 2021, recorded its first profit in the second half of its financial year ending June 30, 2023. It is competing with other banks, including Absa, First National Bank, Standard Bank, Capitec, and Old Mutual.

The Financial Sector Conduct Authority started giving licenses to crypto service providers in 2023 to protect consumers and follow international rules. Discovery Bank said its crypto service meets these rules and has strong safety measures.

In March, the bank introduced TRUST Alert, a security system that monitors transactions for potential fraud. Each payment or transfer is analyzed in real time based on patterns, behavior, and other safety data, with warnings displayed to clients when necessary.

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