Luno has introduced free withdrawals for the South African Rand (ZAR) while also enabling express withdrawals for users to receive funds even faster for a fee of just $1 (R20).
The free withdrawals are permanent and apply only for ZAR and not other crypto withdrawals.
This update comes a few months after Luno announced it had crossed the 5 million customer mark and introduced a savings wallet to enable African customers earn interest on their bitcoin savings.
SEE ALSO: Luno Launches a Savings Wallet to Enable African Customers Earn Interest on Bitcoin
Luno has also recently been expanding rapidly having entered the following jurisdictions in a span of 3-5 months:
- Australia
- UK
- Zambia
- Uganda
A recent survey by the company revealed that 35% of users do not currently earn any interest on their money.
The survey also showed that:
- 95% of luno customers want to earn interest on their bitcoin
- 95% of South Africans would use a Savings Wallet that offered interest on their bitcoin balance
- 55% of South African customers do not have investments other than crypto
The introduction of the Luno Bitcoin Savings Wallet and the free withdrawals in ZAR thus offers an attractive option for anyone looking to benefit from the new offerings without incurring extra costs.
RECOMMENDED READING: South Africa’s Luno Crypto Exchange Hits 5 Million Customers and Expands into Australia
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