[JOHANNESBURG – THURSDAY, 6 AUGUST 2020]
Luno, one of the leading South Africa’s cryptocurrency exchange, has today announced a partnership with Genesis, a leading digital currency prime brokerage service, to provide customers with simple, accessible ways to earn interest on their crypto holdings.
The partnership creates savings accounts providing institutional-level interest rates to clients in traditional and emerging markets. These innovative savings accounts will provide traditionally underbanked customers in emerging markets access to banking services via the market infrastructure built for the global crypto currency community, while providing another potential source for generating yield on crypto holdings for customers in all markets.
SEE ALSO: South African Exchange, Luno, Integrates PayU in Nigeria for Faster and Easier Crypto Purchases
Luno is a leading cryptocurrency company which currently has over 4 million customers with regional hub in Cape Town, South Africa.
Genesis has firmly established itself as the first and largest institutional digital asset lender, with zero defaults across the history of its lending business.
According to Michael Moro, CEO, Genesis:
“We share Luno’s passion for making it safe and easy – across all segments of the market – to learn about, buy and store cryptocurrencies. By combining Genesis’s infrastructure with Luno’s footprint in more than 40 countries, we’re creating a fairer, more inclusive financial system by providing access to interest-bearing products to historically underbanked and unbanked populations.”
In Q2, our lending business added over $2.2B in originations, marking our largest quarter ever with a 324% increase in originations y/y. Active loans outstanding increased 118% from Q1. Find out more in our Q2 report: https://t.co/fJy6xahsuU
— Genesis (@GenesisTrading) August 4, 2020
“We’re operating in a historical context where global fiat monetary policy has produced record low interest rates in traditional money market and savings accounts. The interest customers can earn on their crypto is compelling. It presents an opportunity to attract those unfamiliar with crypto, and to offer them a very clear value proposition.”
Speaking on the new partnership, Marcus Swanepoel, CEO, Luno, said:
“Our partnership with Genesis allows us to offer more diversified financial products to our customers. We’re dedicated to providing innovative financial solutions to consumers all over the world – whether they are in Africa, Asia or Europe – regardless of their local currency.
We specialise in making crypto safe and easy to use.”
Digital currency investors continue to become increasingly sophisticated, seeking not just liquidity from exchanges, but also a competitive yield on their crypto assets and Genesis, one of the largest trading and lending firm in the digital asset space, believes it is positioned to deliver on that promise.
Genesis is a full-service digital currency prime broker providing investors a convenient, robust, and secure marketplace to custody, trade, borrow, and lend digital currencies, creating new opportunities for yield while increasing capital efficiency for its counterparties.
Built on the only global over-the-counter trading firm for digital assets registered with the SEC and FINRA, Genesis combines unrivalled operational excellence, a seamless user experience, and best-in-class client service to provide the full suite of asset services global investors require for their digital asset portfolios.
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