Monday, April 22, 2024
No menu items!

South African Luno Users to Earn Interest on Bitcoin and Ethereum

Must Read
Jenna Delport
Jenna Delport
I’m a tech writer, world traveller, avocado-eater and dog lover, not always in that order.

South African-founded Luno will let customers earn interest on Bitcoin, Ethereum, and USDC – allowing users to earn passive income on their cryptocurrencies.

[Tweet “South African-founded Luno will let customers earn interest on Bitcoin, Ethereum, and USDC through its savings wallets.”]

These cryptos are now available in the platforms savings wallet. Users can expect up to 4% interest per annum on Ethereum and 7.6% per annum on USDC. The interest will be earned and paid in cryptocurrency.

“Luno research last year showed that over a third of those surveyed (35%) were not earning any interest on their traditional cash savings at all, so growing savings options and making saving simple and accessible is a priority for us,” says Luno Africa GM, Marius Reitz.

“The same research from last year found 54% are not earning interest through their current or savings bank account, with 40% lacking confidence in their local currency.”

He adds, “If your crypto investment strategy is holding your crypto long-term (HODLing in crypto speak), the savings wallet earns you additional interest for what you were already doing.”

Luno Reaches 7 Million Users Milestone

Luno has officially recorded seven million customers (wallets) – just seven weeks after reaching the milestone of six million customers.

The business believes this growth is due to the simplicity of its online and mobile platforms, offering education, bank-grade security and self-regulation. It is actively working with regulators and banks to safely increase access to cryptocurrencies.

Bitcoin’s strong rally in 2021 has fuelled greater interest in cryptocurrencies, which has translated into greater customer activity and many new app installs.

Edited by Jenna Delport
Follow Jenna Delport on Twitter

Follow IT News Africa on Twitter

- Advertisement -

Using AI for First Job Opportunities for South African Youth

Artificial intelligence (AI)-powered tools such as Google's AI model and Gemini serve as the ultimate career companion, guiding graduates...
Latest News
- Advertisement -

More Articles Like This

- Advertisement -