MILESTONE: Luno Hits 10 Million Customers – One Million Added in 6 Months, 40% in South Africa

Over 40% of the new customers added in the last six months are based in South Africa

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Luno, the crypto exchange founded by two South Africans, now has 10 million customers in over 40 countries. Luno’s latest one million customers were onboarded in just six months.  

The exchange, which lets users buy cryptocurrencies across 40 countries globally, however, witnessed the most growth in South Africa:

  • Customer growth in South Africa is almost 40% year-on-year
  • Over 40% of the new customers added in the last six months are based in South Africa
  • On average, South Africans deposit $32 when they open their Luno account and tend to hold for 10 months (the longest time of all Luno markets)

Besides South Africa, Nigeria, and Indonesia are strong markets for Luno.

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SEE ALSO: 48% of Crypto Holders in Kenya, Nigeria, South Africa Invest to Pay for Education, Reveals Latest Luno Report

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According to Marius Reitz, Luno’s General Manager for Africa, it took 5 years for Luno to build a base of its first one million customers in 2017.

“Luno’s growth has accelerated significantly since then. Our top two regions – South Africa and Nigeria – illustrate the high demand for crypto in emerging markets.”

– Luno, General Manager, Africa

Indonesia reported customer growth of 83% and almost double the number of customers in the region over the past year.

Luno has an ambitious mission of getting crypto to over 1 billion people by 2030, and for Marcus Swanepoel,CEO, Luno, the latest milestone is a positive step:

“There are an estimated 300 million people using crypto worldwide as of March 2022 – a figure that is expected to grow as global markets gain better access to the crypto ecosystem.

Luno aims to bring crypto to over one billion people by 2030, so reaching 10 million customers is an important milestone which supports a transition towards building a better, more fair financial system.”

– Co-Founder / CEO, Luno

The milestone announcement comes after the company launched Luno Expeditions, its global, early-stage investment arm created to support the best fintech and crypto/web3 founders.

Luno also added two more cryptocurrencies to its platform:

  • Chainlink ( $LINK )
  • Uniswap ( $UNI )

Luno is headquartered in London with over 800 employees across offices in London, South Africa, Malaysia, Indonesia, Nigeria, and Singapore, which is up 89% in the last year alone. 

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RECOMMENDED READING: Top 10 Platforms for Crowdfunding in Crypto

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