Business

Crypto agency Luno hits milestone with 10m clients


Marius Reitz, Luno GM for Africa.

Marius Reitz, Luno GM for Africa.

Global crypto-currency firm Luno has reached the ten million buyer mark − a milestone for the South African-founded fintech agency that has a presence in 40 international locations.

Luno says the most recent a million clients had been onboarded in solely six months.

Since its formation in 2013, Luno has enabled over $52 billion of crypto to be safely transacted and its clients have saved in extra of $1 billion.

Luno’s development has been partly credited to the South African market’s success, which the corporate says is one in all its strongest and most energetic markets.

“Over 40% of the new customers added in the last six months are based in South Africa. On average, South Africans deposit R480 when they open their Luno account and tend to hold for 10 months (the longest time of all Luno markets). 82% of new customers who bought crypto purchased Bitcoin, while 28% bought Ethereum,” it says.

According to Luno, this development displays the broader crypto business’s resilience following a unstable yr.

It notes that whereas there was turbulence within the crypto market within the final two years, earlier this month, the market as soon as once more crossed the $2 trillion mark.

Marius Reitz, Luno GM for Africa, feedback: “Luno’s growth has accelerated significantly since 2017. Our top two regions – South Africa and Nigeria – illustrate the high demand for crypto in emerging markets.”

Indonesia reported buyer development of 83% and nearly double the variety of clients within the area over the previous yr, signalling world development, he provides.

“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,” says Marcus Swanepoel, CEO and co-founder of Luno.

“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.”

Luno is headquartered in London, with over 800 staff throughout places of work in London, South Africa, Malaysia, Indonesia, Nigeria and Singapore.

The agency not too long ago launched Luno Expeditions, its world, early-stage funding arm created to assist fintech and crypto/web3 founders.

Luno additionally added two extra crypto-currencies to its platform: Chainlink and Uniswap.



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