Discovery Bank Partners with Luno for Crypto Trading
In a groundbreaking initiative, Discovery Bank has joined forces with the cryptocurrency platform Luno to enable crypto asset trading through its mobile app. This development positions Discovery Bank as the pioneer among major South African banks in providing such a service. Hylton Kallner, the bank’s CEO, expressed that this integration is a direct response to the evolving landscape of cryptocurrencies, which he acknowledges have gained traction as a mainstream asset class.
Seamless Trading Experience
Starting from December 2025, customers of Discovery Bank will have the opportunity to connect their accounts to Luno, facilitating seamless trading of cryptocurrency assets, including popular options like bitcoin and ethereum. As indicated in a report by Mybroadband, this collaboration aims to enhance user experience by minimizing transaction friction and offering streamlined access to crypto markets.
Moreover, clients will benefit from real-time tracking of their crypto portfolios in conjunction with their traditional banking and investment accounts. They will be able to move funds instantly between their bank accounts and Luno wallets without incurring any fees. The partnership will also allow users to trade over 50 different cryptocurrency assets and earn Vitality Money Savings points based on their crypto holdings in Luno.
Market Impact and Security
Kallner emphasized the importance of this integration in light of growing interest in the cryptocurrency market among South Africans, noting that approximately one in ten individuals currently holds crypto assets. Luno’s CEO, James Lanigan, also highlighted the significance of this integration, advocating it as a pioneering solution in Africa that merges digital asset investments with mainstream banking capabilities.
“This collaboration signifies a transition of cryptocurrency investment from a niche market to a widely accepted investment opportunity,” Lanigan remarked.
The partnership also capitalizes on Luno’s robust security measures and its proven track record with over 15 million customers globally, ensuring compliance with local regulatory standards and upholding high safety and trust levels.
Additional Features and Initiatives
Additionally, Discovery Bank reported the launch of TRUST Alert, an anti-fraud feature that employs real-time data analysis to deliver risk warnings on transactions, enhancing customer protection. The bank has also announced new rewards initiatives, such as earning up to 50% back in Discovery Miles for DStv subscriptions. With these measures, Discovery Bank is solidifying its position as a leader in integrating traditional banking with digital asset trading in the region.
