Discovery Bank is set to become the first bank in South Africa to allow customers to trade cryptocurrencies directly through its mobile app starting in December 2025. The service is being launched in partnership with London-based crypto exchange Luno. According to the bank, users will be able to link their accounts and buy, hold, or sell digital assets like Bitcoin and Ethereum straight from the Discovery Bank app.
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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