Discovery partners with Luno to offer bank app crypto trading

Discovery Bank has announced a host of new product features and updates, including a crypto trading collaboration with crypto investment platform Luno.

This allows Discovery Bank clients to trade directly in crypto on the bank app - hailed as an industry first for South Africa.

CEO Hylton Kallner says the partnership came about as they've seen their banking app become the central interface for clients' financial services and Discovery products.

Customers access the Discovery Bank app virtually every day on average, Kallner says, and at the same time there's been increased investment and activity in crypto assets.

"In our analysis, Luno is the preferred platform amongst our clients... There are over six million South Africans that use it for their crypto asset trading, and what we've done is a direct integration."

This allows clients to link their Luno wallet directly through the Discovery Bank app and, as Kallner puts it, in a secure and familiar environment alongside their bank accounts.

"They can then fund their crypto wallets... able to buy themselves cryptocurrencies in over fifty assets, transferring seamlessly and trading with the liquidity that's available on the Luno platform itself."

Kallner also elaborates on the other new or updated offerings from Discovery Bank, which include AI security and service features.

For more detail, listen to the interview audio at the top of the article