Despite a weakening global economy, the crypto space continues to show strong growth having gone up by about 28% in the last month alone.
In light of this, a recent survey by Luno, one of South Africa’s leading exchange, has revealed the positive sentiments by wallet and account holders of the exchange.
SEE ALSO: Africa was Second Fastest-Growing in Youth Crypto Adoption with Nigeria Leading Globally, Says Q1, 2020 CoinMarketCap Report
The exchange has revealed it got record trading volumes in March 2020 with a 50% rise in its number of active users month-on-month.
What is more, existing and new account holders want to invest more into crypto assets. The Luno survey highlighted 42% of Luno wallet holders plan to buy more and 41% plan to trade in the next six months.
“This indicates continued cryptocurrency investment by existing holders and entirely new investors entering cryptocurrencies for the first time.” ~ Marius Reitz, GM for Africa, Luno
Reitz also notes the increased demand amid the Covid-19 pandemic. In a statement, he said:
“Over 4,000 customers responded to our survey. They indicated that they are planning to increase their crypto holdings or trade in the next six months, while less than 6% plan to sell.
Interestingly, 70% of inactive customers want to automatically invest a fixed amount in cryptocurrencies, indicating that they are moving closer to traditional investment models.”
Speaking about the ongoing cryptocurrency regulatory discussions in South Africa, Reitz said that Luno welcomes regulation in order to ‘enhance general trust and stability in the market and provide comfort to consumers and professional service providers such as banks and auditing firms.’
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