Discovery Bank has forged a groundbreaking alliance with Luno, South Africa’s foremost cryptocurrency platform, enabling clients to trade more than 50 digital assets directly within its mobile banking application starting next month. The collaboration marks the first instance of a major African bank embedding comprehensive crypto functionality into its core services, allowing users to link existing Luno accounts for seamless buying, holding, and selling of assets such as Bitcoin and Ethereum.
Hylton Kallner, chief executive of Discovery Bank, highlighted that one in ten South Africans already participates in the crypto market, bolstered by the country’s progressive regulatory framework that aligns with international standards. The integration not only simplifies access but also rewards users with Vitality Money Savings points based on balances held in secure Luno wallets, enhancing the bank’s ecosystem of incentivised financial behaviour. Clients will benefit from real-time portfolio tracking, fee-free fund transfers, and the full depth of Luno’s liquidity pool, all accessible through a single interface, as reported by Business Day.
James Lanigan, Luno’s chief executive, described the partnership as a pivotal moment confirming cryptocurrency’s transition from fringe interest to a legitimate portfolio diversifier. With over 15 million users across Africa, Asia, and Europe, Luno brings institutional-grade safeguards to Discovery’s clientele, fostering confidence in digital asset investment. The move responds to growing demand among South African investors seeking exposure to high-growth alternatives amid traditional market volatility.
This development arrives against the backdrop of South Africa’s leadership in regional crypto regulation, with the Financial Sector Conduct Authority having licensed numerous platforms under its 2023 framework. However, Luno has previously urged authorities to modernise Board Notice 90, a decade-old directive that bars cryptocurrencies from inclusion in collective investment schemes such as unit trusts. This restriction continues to exclude local institutional funds from billions in potential returns, limiting retail investors’ options despite global crypto market capitalisation surpassing $3 trillion earlier this year.
The partnership positions Discovery Bank at the forefront of financial innovation in a sector where digital assets are increasingly viewed as essential for portfolio diversification. Industry data indicates that South African crypto ownership has doubled since 2021, driven by younger demographics and hedge against currency depreciation. By embedding Luno’s infrastructure, Discovery not only expands its value proposition but also sets a precedent for traditional banks embracing blockchain-based assets, according to Luno State of Crypto Report 2025. The initiative underscores a broader convergence of conventional finance and decentralised technologies, potentially accelerating mainstream adoption across the continent.