Discovery Bank, a key cog in Discovery’s growth plans, has upped the ante in the highly competitive banking sector, announcing plans to add crypto trading in more than 50 crypto assets from next month, in partnership with Luno, SA’s leading crypto platform.
Discovery Bank CEO Hylton Kallner said the companies’ clients are already engaged in the crypto market, “with one in 10 people holding crypto assets”, with SA’s regulation leading in the region and aligning with global norms.
“As a bank known for bringing the future of banking to its clients, we are thrilled to announce that we are the first mobile bank to partner with Luno, a leading crypto platform that is used by over 15-million clients,” Kallner said.
“We’re giving our clients the capability to easily invest in crypto assets and trade directly in the Discovery Bank app. We’ll also reward them with Vitality Money Savings points for crypto balances in their secure Luno wallets. It provides Discovery Bank clients with access to the full liquidity and breadth of crypto-asset options provided by Luno, in the convenience of their Discovery Bank app.”
The partnership will enable Discovery Bank’s client base to link their Luno accounts to buy, hold and sell crypto assets, like Bitcoin and Ethereum, through the Discovery Bank app.
Luno CEO James Lanigan said Discovery Bank clients would be able to track balances and transactions in real time, transfer funds instantly with no fees, and trade in more than 50 crypto assets
“We are extremely excited to partner with Discovery Bank to offer its clients the same robust safeguards to trade confidently alongside over 15-million Luno customers across Africa, Asia and Europe,” Lanigan said.
“This is a first-of-its-kind solution in Africa to integrate digital asset investing directly into a major mobile banking platform, and this partnership is a clear signal that crypto has moved from a niche to a mainstream investment choice for those looking to diversify their investment portfolio with digital assets.”
In August, Luno has called for SA regulators to adjust outdated restrictions on digital currencies as local institutional investors miss out on billions of rand in untapped potential.
The company sounded alarm bells over “Board Notice 90”, a 2014 policy framework which prevents crypto from being held in collective investment schemes (CIS).
CIS are the structures underpinning the most popular investment vehicles in SA, such as unit trusts, and crypto’s exclusion from them limits SA consumers’ ability to benefit from soaring crypto prices.
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