South African crypto-exchange achieves milestone number of customers

September 10, 2019 • Features, Finance, Southern Africa

South African crypto-exchange achieves milestone number of customers

Luno, a South African ryptocurrency exchange, now has three million customers spanning 40 countries.

“Despite Bitcoin’s volatility, cryptocurrency trades continue to rise,” says Marius Reitz, Luno Africa GM. Reitz’s comment comes shortly after the South African cryptocurrency exchange, Luno announced that it now has three million customers spanning 40 countries.

Naspers-backed Luno was founded in 2013 by two South Africans, Marcus Swanepoel, a former investment banker, and Timothy Stranex, who previously worked for Google as a software engineer. Today the company is headquartered in London and has more than 300 employees across offices in South Africa, Malaysia, Indonesia, Nigeria and Singapore.

“In the last month, more than $5.4 million worth of cryptocurrency trades have been completed on Luno’s South African platform daily,” continues Reitz.

“South Africa is one of our strongest markets and appetite for cryptocurrency trades is still growing – we are seeing new Luno customers learning about and buying cryptocurrencies every day. Reaching three million wallets demonstrates the growing adoption of cryptocurrencies across the globe and reinforces our aim of reimagining a financial system where money is cheaper, faster and safer with open and equal access for everyone,” says Reitz.

Luno offers Bitcoin and Ethereum, and recently introduced Bitcoin Cash (BCH) on its exchange.

“There are over 2000 cryptocurrencies in the market. We take our role as a trusted platform very seriously and have therefore always been cautious about new coins. We only add new coins once we are confident of their security, credibility and market traction.”

The platform is said to boast significantly higher liquidity in comparison to other exchanges. Reitz says, “An increasing number of customers are looking to buy and sell cryptocurrency on Luno. It’s therefore important to consider the liquidity on the exchange, which refers to the volume of cryptocurrency being traded”.

“In turn, the volume of trades results in a narrowing between the asking price and eventual purchase price of coins. Cryptocurrencies are increasingly seen as an alternative investment option and this is one of the most popular use cases.”

Edited by Jenna Cook

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