Nedbank seals deal with top crypto platform

Nedbank has announced a strategic partnership with Crypto.com to leverage the platform’s technology for developing advanced payment and settlement solutions in Africa. 

The rollout of this technology will be heavily dependent on there being sufficient regulation of crypto assets and technology in the countries Nedbank operates. 

Nedbank said this ensures the bank is a leading gateway for secure, regulated blockchain finance on the continent, driving transparency and efficiency of cross-border transactions. 

As global trade and financial ecosystems evolve, Africa’s dependence on legacy payment rails has created significant challenges for banks fulfilling cross-border transactions. 

These challenges include high settlement costs, currency volatility, and geopolitical exposure. Nedbank’s vision is to establish a compliant, blockchain-enabled payment infrastructure that enhances resilience while integrating seamlessly with traditional banking systems.

Through Crypto.com’s world-class digital asset platform and blockchain settlement technology, Nedbank aims to bridge traditional banking and digital finance. 

The bank said it aims to offer real-time, low-cost, and secure settlement options in both South African rand and on-chain US dollars (USDC).

The initiative will enable Nedbank to serve both retail and commercial banking clients, addressing the growing demand for modern financial solutions. 

Whether for individuals, SMEs, or large corporates, the partnership will enable clients to:

• Seamlessly convert between rands and USDC in real time via secure digital channels.
• Access digital dollar liquidity for trade, remittance, and treasury operations.
• Benefit from daily net settlement between Nedbank and Crypto.com, ensuring stability, transparency, and regulatory oversight.

This collaboration will empower businesses to transact in digital dollars across Africa, facilitating trade, investment, and payment flows without reliance on traditional international intermediaries, the bank said. 

Subject to applicable legal and regulatory requirements, the rollout will be implemented in phases, commencing with individual clients and extending to juristic entities over the next twelve months.

“Africa’s future competitiveness depends on how effectively we integrate modern financial technologies into the heart of trade and commerce,” Managing Executive for Automation, Blockchain and Analytics at Nedbank, Simon Marland, said.

“By leveraging Crypto.com’s blockchain capabilities, Nedbank is building the foundation for a more resilient, inclusive, and future-ready financial ecosystem – one where South African and African businesses can transact seamlessly and securely on a global scale.”