Discovery Bank, one of South Africa’s leading digital banks, has announced a new partnership with Luno, a crypto exchange, to enable direct cryptocurrency trading through its mobile app. The move positions Discovery among the first major African banks to integrate digital assets into mainstream retail banking.
The feature, expected to go live in December 2025, will allow users to buy, sell, and hold over 50 digital assets, including Bitcoin (BTC), Ether (ETH), and USD Coin (USDC), directly within their Discovery Bank app. The service links users’ bank accounts to Luno’s trading infrastructure, allowing transactions to settle instantly with no additional fees. Rewards features like Discovery Miles will also apply to eligible crypto holdings, integrating digital assets into your everyday banking experience.
Transactions will be powered by Luno’s infrastructure, ensuring compliance with South Africa’s crypto regulatory framework under the Financial Sector Conduct Authority (FSCA).
Discovery said the partnership aims to “make crypto investing safer and more accessible” for retail customers by combining Luno’s experience in digital asset management with Discovery’s trusted financial ecosystem. Clients will also earn Discovery Miles, its loyalty rewards, on eligible crypto transactions, integrating digital assets into the bank’s broader rewards program.
According to Hylton Kallner, CEO of Discovery Bank, the initiative reflects the company’s broader digital strategy.
“We’re committed to empowering clients through innovation and responsible access to new asset classes,” Kallner said. “Working with Luno gives our customers the security and confidence they expect from Discovery while opening the door to the future of finance.”
Luno, which operates across over 40 countries and has more than 10 million users, described the collaboration as “a milestone for Africa’s crypto adoption.” The company’s General Manager for Africa, Marius Reitz, said the partnership is proof that regulated banking and crypto innovation can coexist within formal financial systems.
The partnership comes amid South Africa’s growing efforts to formalise the crypto sector. Earlier this year, the FSCA granted the first batch of crypto asset service provider licenses, a major step toward regulatory clarity. Analysts believe that Discovery’s move could pave the way for other African banks to adopt similar digital asset integrations.
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