NEW: The cryptocurrency trading platform Luno is in talks about expanding in Kenya and Ghana as Bitcoin rallies https://t.co/k4Fyre7VLh
— Bloomberg Crypto (@crypto) May 20, 2020
The Luno General Manager for Africa, Marius Reitz, has revealed the next markets on the crypto exchange’s list are Ghana and Kenya.
Speaking to Bloomberg Media, Reitz said:
“It’s markets we have a keen interest in, and Ghana and Kenya are high on our list. While the outbreak has been beneficial in terms of transactions doubling on the exchange, it’s become harder to travel to talk to key stakeholders.”
Luno recently announced that it had hit the 4 million user base amid Covid-19 having recently expanded into Uganda. Africa accounts for 75% of its customer base, with South Africa being its largest market.
Currently, Luno operates in the following countries. Here are is the breakdown of its customer base:
- South Africa – 75%
- Nigeria – 15%
- Malaysia – 6%
- Europe – 3%
- Uganda – Less than 1%
- Zambia – Less than 1%
The addition of the two new markets is expected considering recent statistics show Ghana and Kenya have seen huge spikes in bitcoin trades on P2P platforms like Paxful and LocalBitcoins.
P2P weekly trades on the African continent now stand at $14 million and rising every week.
As of May 20, 2020, below are the P2P weekly trading volumes for these markets:
- Nigeria – Over $9 million
- South Africa – Over $1.8 million
- Ghana – Over $900, 000
- Kenya – Over $1.7 million
Luno recently put out a new study showing the huge potential for cryptocurrency in Africa. The report details the unique position that Africa holds in crypto adoption and why this is almost inevitable.
The report is available here.
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