Luno’s Growth Surge

In August 2019, the South African crypto exchange, Luno, made headlines by processing over $5 million worth of cryptocurrency daily. Marius Reitz, Luno’s general manager for Africa, reported that this activity translated to more than 80 million South African rand (approximately $5.4 million) processed daily on Luno’s South African platform. Clearly, South Africans are putting their crypto grains to work!

Three Million Wallets: A Major Milestone

Luno just hit a significant milestone—it now boasts three million wallets across 40 different countries. Reitz emphasized that South Africa has been a robust market for Luno, fueling a rising interest in crypto trading. For some context, Blockchain.com, a prominent global crypto wallet, has around 41 million wallets, making Luno’s achievement all the more commendable.

The Purpose Behind the Platform

According to Reitz, the three million wallets are more than just numbers. They represent a growing global acceptance of cryptocurrencies and reinforce Luno’s mission of reimagining a financial landscape that is cheaper, faster, and safer for everyone. Talk about an ambitious plan—moving mountains one wallet at a time!

Backing and Foundation

Founded in 2013 by Marcus Swanepoel and Timothy Stranex, Luno is proudly backed by Naspers, a major player in global internet and entertainment. Although headquartered in London, Luno’s heart beats strong across Africa, Southeast Asia, and Europe. It’s almost like a crypto avenger—saving the world, one transaction at a time!

The Crypto Offerings

Luno isn’t just a Bitcoin and Ether machine; it’s also making waves in the support of Bitcoin Cash (BCH), which was added to the platform on August 23rd. Swanepoel, the CEO, noted that the majority of Luno’s clients use Bitcoin primarily for investing and speculation, while transaction usage seems like a quieter guest at the cryptocurrency party.