South Africa’s Discovery Bank has announced a first-of-its-kind integration of direct cryptocurrency trading through its partnership with Luno, the country’s largest digital exchange.
By December, Discovery Bank customers will be able to buy, sell, and hold over 50 cryptocurrencies, including top tokens like Bitcoin and Ethereum, directly from the bank’s mobile app.
The new feature will also integrate with Discovery Bank’s already existing reward system, now enabling customers to earn Vitality Money point savings based on their cryptocurrency holdings in their Luno Wallet.
The collaboration will enable free, instant fund transfers from the bank accounts of Discovery Bank clients to their linked cryptocurrency wallets.
Alongside the crypto integration announcement, the bank also mentioned other upcoming updates, such as AI-driven security and service tools, in-app motor insurance, and new rewards partnerships with MultiChoice and Admyt. These new features aim to enhance convenience, security, and asset management in the rapidly evolving digital world.
Discovery Bank: From Digital Banking to Decentralized Services
Discovery Bank was officially launched in 2019, positioning itself as South Africa’s first fully digital banking platform.
The bank has since continued to operate without any physical branches in the country, focusing on behavioral banking through its Vitality Money Point reward system, which incentivizes positive financial habits. Currently, it serves approximately 1.2 million customers across the country.
Hylton Kallner, CEO of Discovery Bank, has mentioned that the move reflects the growing adoption of cryptocurrency in South Africa, noting that one in every ten people in the country holds a crypto asset.
”The financial world is evolving fast, and cryptocurrency assets have matured to become an accessible, mainstream asset class,” Kallner states.
Luno Partnership: Expanding Crypto Access to TradFi Customers
The digital exchange is at the heart of this partnership, providing seamless crypto trading services and tools to Discovery Bank’s customers.
Notably, both institutions are subject to South Africa’s regulatory framework on consumer protection and financial technology, ensuring that the partnership meets full compliance without any bottlenecks.
Christo de Wit, Luno’s South African Country Manager, said, “We’re truly excited about this partnership between two innovative South African brands. By integrating crypto assets into the Discovery banking app, we’re advancing our mission to upgrade the world to a better financial system. We’re proud to be powering this first-of-its-kind solution in Africa for one of South Africa’s iconic institutions.”
De Wit explains further.
“By integrating crypto assets into Discovery Bank’s platform, we’re not just making cryptocurrencies more accessible to everyday users, but we’re proving that blockchain technology and crypto assets are strategic long-term tools for financial institutions.”
De Wit has expressed enthusiasm for the global exchange to partner with an innovative institution like Discovery Bank.
“When a trusted and innovative institution like Discovery Bank integrates crypto assets into its core banking experience, it signals that crypto assets are maturing, moving from niche to mainstream. Responsible, regulated adoption is the future. Mainstream adoption of crypto assets is built on partnerships like this.”
The integration would enable Discovery Bank customers to access advanced API connections for real-time trading, with built-in security measures to protect against fraud, whilst enabling them to track their crypto portfolios alongside their traditional banking assets.
Users would also be able to instantly create a Luno account from the Discovery app platform and view their balance and transaction history.
South Africa: Advancing the Bridge Between TradFi and DeFi
South Africa continues to experience strategic partnerships between traditional and decentralized finance institutions, reflecting the growing adoption of cryptocurrency and blockchain-based solutions across the country.
In October, global blockchain firm Ripple announced its partnership with South Africa’s Absa Bank to leverage Ripple’s digital custody services for Absa Bank’s institutional clients—Ripple’s first major digital custody partnership in Africa.
Betway Group’s parent company, Super Group, also announced its plans to launch a new rand-pegged stablecoin, partnering with Luno for listing.
The Discovery Bank and Luno partnership mirrors the growing willingness of traditional financial institutions in South Africa and across Africa to embrace decentralized technologies.
As one of Africa’s leading crypto markets, South Africa is poised for significant growth in its digital asset economy as these partnerships continue to strengthen and expand.
