From today, South African cryptocurrency traders, will be able to buy Ethereum using Rands directly on the Luno exchange at attractive launch fees of between 0% and 0.2%.
Marius Reitz, Luno’s GM: Africa, says that a direct Ethereum/Rand pair will make it quicker, simpler and cheaper for customers to interact with and use Ethereum on the exchange.
“We are working on a number of enhancements to our platform and this pairing has been introduced in response to demand from our customers. Previously, customers could buy Ethereum through our instant buy option but having this ability directly on the exchange makes it faster and cheaper for traders,” he says.
There are several use cases for Ethereum aimed at automating daily processes and removing the middlemen from the systems we use making everyday life more efficient and cost-effective. These range from legal and finance, to medical and more.
Luno supports Bitcoin and Ethereum. According to Reitz, there are over 2000 cryptocurrencies.
“However, many of these are scams, so customers need to trust that the exchange they use has verified the track records of cryptocurrencies available on their platforms. Luno limits the currencies on offer to those on which we have completed extensive research and due diligence and we are satisfied with their credibility in terms of security and adoption. Luno will be adding additional cryptocurrencies to its platform later this year,” he explains.
Luno, the exchange which makes it safe and easy to buy, store and learn about cryptocurrencies, has over 2,7 million customers (wallets) spanning 40 countries.
Reitz says that Luno has invested heavily in scaling in anticipation of the next cryptocurrency surge by upgrading its platform, opening new offices in new countries and increasing its team.
“We have very robust technology systems to reinforce and expand our business as we prepare for the bull run that takes us to mass adoption and a stable market. We expect a sharp shift from using traditional financial systems to the next step in the evolution of money,” he says.