Nedbank has announced a strategic partnership with Crypto.com, marking its entry into the cryptocurrency market.
The Big Four bank said that the partnership will enable it to harness the power of blockchain technology and digital assets to develop advanced payment, settlement, and liquidity services across Africa.
“The collaboration positions Nedbank as a leading gateway for secure, regulated blockchain finance on the continent,” it said.
“The partnership will drive transparency and efficiency of cross-border transactions, signalling a significant shift in the region’s financial landscape.”
The bank said that the continent’s dependence on legacy payment rails has resulted in high settlement costs, currency volatility and geopolitical exposure.
Nedbank envisions a blockchain-enabled payment infrastructure that enhances resilience while also integrating seamlessly with traditional banking systems.
Via Crypto.com’s systems, Nedbank said that it will offer real-time, low-cost and secure settlement options in South African rand (ZAR) and on-chain US dollars (USDC).
Nedbank said the partnership will help businesses transact in digital dollars across the continent, boosting trade, investment, and payment flows.
The rollout will be implemented in phases, starting with individual clients and extending to juristic entities over the next twelve months, subject to legal and regulatory requirements.
“Nedbank understands that businesses require easy payment and trade capabilities both domestically and cross-border,” said Herman de Kock, Managing Executive, Nedbank Mid Corporate.
“By partnering with Crypto.com, we’re driving innovation that directly responds to our clients’ evolving needs, enabling them to achieve their growth ambitions.”
Founded in 2016, Crypto.com serves over 100 million customers worldwide. Clients can trade Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.
