South African cryptocurrency exchange Luno now has 3-million customers (wallets) spanning 40 countries.
Marius Reitz, Luno’s GM: Africa, says, that despite bitcoin’s volatility, cryptocurrency trades continue to rise. “In the last month, more than R80-million worth of cryptocurrency trades have been completed on Luno’s South African platform on a daily basis.”
Naspers-backed Luno was founded in 2013 by two South Africans, former investment banker Marcus Swanepoel and former Google software engineer Timothy Stranex. Today the company is headquartered in London and has more than 300 employees across offices in South Africa, Malaysia, Indonesia, Nigeria and Singapore.
“South Africa is one of our strongest markets and appetite for cryptocurrency trades is still growing – we are seeing new Luno customers learning about and buying cryptocurrencies every day,” says Reitz. “Reaching three million wallets demonstrates the growing adoption of cryptocurrencies across the globe and reinforces our aim of reimagining a financial system where money is cheaper, faster and safer with open and equal access for everyone.”
Luno offers bitcoin and Ethereum, and recently introduced bitcoin cash (BCH) on its exchange. Additional coins will be added later this year.
“There are over 2 000 cryptocurrencies in the market,” Reitz adds. “We take our role as a trusted platform very seriously and have therefore always been cautious about new coins. We only add new coins once we are confident of their security, credibility and market traction.”
Luno boasts a high rate of liquidity, which is important, says Reitz. “An increasing number of customers are looking to buy and sell cryptocurrency on Luno. It’s therefore important to consider the liquidity on the exchange, which refers to the volume of cryptocurrency being traded. In turn, the volume of trades results in a narrowing between the asking price and eventual purchase price of coins.
“Cryptocurrencies are increasingly seen as an alternative investment option and this is one of the most popular use cases.”