FNB has launched Crypto Investing through its banking platform.
Sizwe Nxedlana, CEO of FNB and RMB Private Banking and Wealth Management, comments: “FNB customers will now have access and exposure to crypto assets, with the ability to trade a set of curated coins, as well as benefiting from the bank’s investment knowledge and experience. The digital currencies include Bitcoin, Ethereum, Ripple, Solana and USDT a stablecoin pegged to the Dollar, all available on FNB’s share trading platform.”
Customers will be able to trade from as little as R10.
Bheki Mkhize, CEO of FNB Wealth and Asset Management, says: “We have observed a lot of activity and interest from our clients around crypto. Clients require a trusted platform which FNB provides, this gives them access to alternative assets to help diversify their investments.”
FNB clients will have access to crypto assets across the bank’s existing share trading products – Share Saver, Share Builder, Share Investor, and Share Zero.
According to FNB, blockchain-based technologies are making significant inroads into Africa’s financial landscape. Once dismissed as a niche technology primarily associated with cryptocurrency shakedown, blockchain has shed its fringe image.
Regulators are now issuing more licenses to respective financial institutions thereby supporting and regulating the sector. This shift is partly driven by the growing recognition and involvement of major fund managers like BlackRock, signalling blockchain’s maturity beyond just powering cryptocurrencies like Bitcoin.
Governments are also slowly implementing clearer tax laws and regulatory frameworks, which can lend more legitimacy and confidence to the market. “We have listened to client requests for us to provide them with alternative investment solutions that will help broaden access to different asset classes with high growth potential. Crypto as an asset class offers that diversity. We believe this offering provides a safe and easy way for our customers to access crypto currencies,” says Nxedlana.
“Investing in cryptocurrency offers a unique set of potential benefits, but it’s crucial to understand that it also comes with risks. We want to ensure that clients understand what they are buying, investing in, the volatility and have tools to manage their trading activities,” says Mkhize.