Luno, South Africa’s cryptocurrency exchange, now has seven million customers (wallets), just seven weeks after reaching the milestone of six million customers.
The business has grown rapidly due to the simplicity of its online and mobile platforms, offering education, bank-grade security and self-regulation. It is actively working with regulators and banks to safely increase access to cryptocurrencies.
Luno was founded in 2013 by two South Africans, Marcus Swanepoel, a former investment banker, and Timothy Stranex, who previously worked for Google as a software engineer.
Today the company is headquartered in London and has more than 400 employees across offices in South Africa, Malaysia, Indonesia, Nigeria and Singapore.
South Africa is one of Luno’s strongest markets and the appetite for cryptocurrency trades continues to grow. Reaching seven million wallets demonstrates the growing adoption of cryptocurrencies across the globe.
Bitcoin’s strong rally in 2021 has fuelled greater interest in cryptocurrencies, which has translated into greater customer activity and many new app installs. New Luno customers learn about and buy cryptocurrencies every day. Volumes traded on Luno this year far exceed those recorded in 2020.
The company is a leading exchange in several countries that have the highest percentage of cryptocurrency ownership, including South Africa (third-highest of its citizens owning digital currencies), Nigeria (fifth-highest), Indonesia (sixth-highest), and Malaysia (tenth-highest).
Also read: New York-Based DCG Buys Naspers-Backed Luno
Luno, one of the largest crypto exchanges in Africa, has been bought by New York-based Digital Currency Group (DCG).
DCG is a global enterprise that builds, buys and invests in blockchain companies. It is also an investment firm that has backed more than 160 blockchain companies around the world.
New York-based DCG will be making a significant financial commitment to help Luno expand globally, both in geographies where Luno currently operates and beyond. Financial terms of the deal were not disclosed.
DCG first invested in Luno in its seed round in 2013.