The Naspers-backed Luno which was founded in 2013 now has over 300 employees across South Africa, Nigeria, Indonesia, Malaysia, and Singapore.
According to Marius Reitz, GM Africa, Luno:
“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 everyday. 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.”
To mark this milestone, Luno has added Bitcoin Cash (BCH) on its exchange enabling its 3 million customers to now buy, sell and store BCH on the platform in addition to Bitcoin and Ethereum.
Speaking on the new addition of BCH onto the platform and why the exchange boasts high liquidity over other exchanges in Africa, Reitz said:
“There are over 2,000 cryptocurrencies in the market and we take our role as a trusted platform very seriously. We are therefore very cautious about new coins. We only add new coins once we are confident of their security, credibility, and market traction.”
“With an increasing number of customers looking to buy and sell crypto on Luno, it is important to consider the liquidity on the exchange, which refers to the volume of cryptocurrency being traded. This, in turn, results in the narrowing between the asking price and eventual purchase price of coins.”
Speaking to BitcoinKE on Luno’s expansion plans across Africa, Reitz said:
“We’ve been closely monitoring the rest of the African market and believe that the time is now finally right for a dynamic expansion across other African markets.
The long-term positive value that our industry and Luno can provide to people across the continent makes it an extremely exciting and rewarding endeavor. It’s a huge opportunity to really live out our vision of upgrading the world to a better financial system, and enabling customers to buy Bitcoin in Africa.”
“We’ll be announcing more on our Africa expansion plans soon.”
Luno offers a simplistic online and mobile platform that includes educating investors, bank-grade security, and self-regulation in addition to working with regulators and banks to increase access to cryptocurrencies.
NOTE: BitcoinKE reached out to Marius Reitz on Luno’s expansion plans into East, Central, and West Africa. We shall update once we receive a comment.
(Updated: See above comment)
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