ANNOUNCEMENT: We have acquired @LunoMoney! By joining forces, we are accelerating the creation and adoption of a better, more accessible financial system. https://t.co/Ik8DJFMUG1 pic.twitter.com/pEwmqoYLDa
— Digital Currency Group (@DCGco) September 9, 2020
Luno, a leading African retail-focused cryto exchange and wallet, has been acquired by the popular Digital Currency Group (DCG) for an undisclosed sum.
Luno has seen impressive growth in 2020 having already hit over 5 million users to become the most popular and largest non-P2P crypto exchange on the African continent.
DCG has acquired the entire stake for cash from Rand Merchant Investments (RMI) through its fintech investment arm, AlphaCode, at an attractive price for RMI.
The Luno acquisition now brings to two, the number of African exchanges investments by the company, following an earlier investment into AZA, formerly BitPesa, an African exchange born out of Kenya.
The acquisition now positions Luno for expansion as a global business with possible expansions into Africa, Asia, and Europe.
DCG, a New York-based global enterprise that builds, buys, and invests in blockchain companies, now adds Luno as part of its long company portfolio.
So far the company has invested in more than 160 blockchain and crypto companies around the world.
Some of the popular companies and brands under the DCG portfolio of investments include:
- AZA (Formerly BitPesa)
- Hedera Hashgraph
- Dapper Labs
- Lightning Network
- Reserve Stablecoin
Speaking on the acquisition, Marcus Swanepoel, CEO, Luno, said:
“We are grateful to RMI for its belief and support in us. We look forward to continuing our rapid growth as a global business to upgrade the world to a better financial system.”
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