UPDATE GIGS MEDIAUPDATE GIGS MEDIA
  • Home
  • Entertainment
  • Business & Finance
  • Education
    • Scholarships
  • Lifestyle
    • Health & Fitness
    • Travel
    • Dating & Relationships
    • Do it yourself
  • Tech
  • Privacy Policy
Facebook Twitter Instagram
Facebook Twitter Instagram
UPDATE GIGS MEDIAUPDATE GIGS MEDIA
CONTACT US
  • Home
  • Entertainment
  • Business & Finance
  • Education
    • Scholarships
  • Lifestyle
    • Health & Fitness
    • Travel
    • Dating & Relationships
    • Do it yourself
  • Tech
  • Privacy Policy
UPDATE GIGS MEDIAUPDATE GIGS MEDIA
Home » 28 days after launching investment arm, Luno crosses 10m user base
Tech

28 days after launching investment arm, Luno crosses 10m user base

adminBy adminApril 14, 2022No Comments4 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit Email
Lunos-iconic-South-Africa-building-on-Cape-Towns-foreshore-district.jpg
Share
Facebook Twitter LinkedIn Pinterest Email


As more crypto companies invest in mainstream innovation that allows people  to interact with crypto seamlessly, the adoption of the digital currency continues to increase. According to the World Economic Forum, 300 million people currently use crypto worldwide, as of March 2022. That’s almost a 300% increase from 2021’s 160 million. 

Luno, a crypto exchange company headquartered in London, said it has now onboarded 10 million crypto users onto its platform. This milestone, announced on Wednesday, means the company acquired 3 million users between last April—when it reached 7 million users—and now. This new number validates the increase of global adoption of crypto in itself.

The milestone is coming barely a month after the company launched Luno Expeditions, its global and early-stage investment arm to support fintech and crypto/web3 founders. 

Founded by Marcus Swanepoel and Timothy Stranex in 2013, Luno said it has enabled over $52 billion worth of crypto transactions, and its customers have stored in excess of $1 billion worth of crypto. It’s currently available in 40 countries including South Africa, Malaysia, Indonesia, Nigeria, and Singapore. 

The company said it aims to bring crypto to over 1 billion people by 2030. From the look of things, Luno is likely going to ramp up more of these users from emerging and new-frontier markets in dire need of alternative financial systems. For instance, last year, Luno said, in a statement, that it grew its customer base in Indonesia by 83%, almost doubling its customers in the region. 

Advertisements

Get the best African tech newsletters in your inbox

Talking of emerging markets, Africa is one of Luno’s strongest markets; over 55% of the new customers added in the last 6 months are based on the continent. The company also recorded that, on average, Africans deposit $53 when they open their account and tend to hold for 7 months.  

Advertisements

There is surely an incredible demand for cryptocurrencies in many emerging and frontier markets, and Luno is positioning itself to save the day. Reaching 1 billion people is ambitious. To take on big corporations like Binance and FTX, Luno and other exchanges must be willing to tread the muddy and bumpy roads to emerging markets. 

“The number of people using crypto worldwide is expected to grow as global markets gain better access to the crypto ecosystem,” said Swanepoel. “Our mission is to put the power of crypto in everyone’s hands, and reaching the major milestone of 10 million customers shows we are leading the way in this transition towards building a better, fairer financial system for the world.” 

Despite the instability of the crypto market, global skepticism around the innovation, and regulatory crackdown, its adoption continues to soar; companies building around it continue to experience astronomical growth and secure huge backing from investors. The crypto market is showing resilience that gives its subscribers long-term buy-in.

Marius Reitz, Luno’s General Manager for Africa, said: “We’re thrilled that our customers have helped us achieve this huge milestone. Today’s announcement is testament to the enormous appetite for crypto that still remains on the continent, despite the industry’s challenges over the last year. As we move forward, we want to continue equipping our customers in Africa with the confidence and guidelines they need to safely invest in cryptocurrencies.”

Luno said it has also added more mainstream crypto—chainlink (LINK) and uniswap (UNI)—to its platform, giving its users more options other than bitcoin and ethereum. The company said it continues to forge strategic partnerships and expansions to drive its growth and today. Besides its London headquarters, it has 5 more regional offices in its key markets—South Africa, Malaysia, Indonesia, Nigeria, and Singapore. Luno was acquired in 2020 by the Digital Currency Group, the world’s largest blockchain investor, which also owns Grayscale and CoinDesk. Now, its overarching plan is to increase its global customer growth, which is currently at 35% year-on-year. 

Get the best African tech newsletters in your inbox

More latest updates

  • How Lagos traffic is hindering food delivery businesses
    How Lagos traffic is hindering food delivery businesses
    by admin●May 25, 2023
  • This SA startup wants to make legal services easily accessible
    This SA startup wants to make legal services easily accessible
    by admin●May 24, 2023
  • Jumia’s Q1 2023 report shows path to profitabliity
    Jumia’s Q1 2023 report shows path to profitabliity
    by admin●May 24, 2023
  • Transssion smartphones top in market share in Africa
    Transssion smartphones top in market share in Africa
    by admin●May 24, 2023

Share this:

  • Tweet
Advertisements

Advertisements

Related

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
admin
  • Website

Related Posts

In first act as president, Tinubu announces an end to fuel subsidy

May 29, 2023

Struggling Multichoice dabbles in payments

May 29, 2023

Intron Health believes AI can help African healthcare

May 29, 2023

Can equity incentivise African tech startup teams?

May 29, 2023

👨🏿‍🚀TechCabal Daily – SA approves $86 million for e-policing

May 29, 2023

Exclusive: Patricia’s newly reported hack happened in 2022 and cost the company $2 million

May 27, 2023
Stay In Touch
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Don't Miss
Tech

Has NFT found its biggest mainstream proponent yet in Africa?

By adminApril 13, 2022

The past few days have been good for NFT in Africa—Nigeria and Ghana, to be…

Share this:

  • Tweet

👨🏿‍🚀 TechCabal Daily – MTN is accelerating mobile money in Nigeria

April 13, 2022

Didi shuts down operations in South Africa

April 13, 2022

Back from the future: How embedded finance changed the world

April 13, 2022

Can Hytch succeed where GoMyWay failed?

April 13, 2022

More African central banks are considering digital currencies

April 13, 2022

This bootstrapped drone startup is promoting smart farming in Zimbabwe

April 13, 2022

The Next Wave: Africa does not know itself

April 13, 2022

TechCabal Daily – Kenya’s new law for content creators

April 14, 2022

INDUSTRY EXPERTS DISCUSS THE GROWTH AND FUTURE OF FINTECH IN NIGERIA AND INDIA IN SYMPOSIUM BY CLI COLLEGE, NIGERIA AND CHRIST UNIVERSITY, INDIA

April 14, 2022

28 days after launching investment arm, Luno crosses 10m user base

April 14, 2022

👨🏿‍🚀 TechCabal Daily – The war for Twitter

April 15, 2022

Digital Nomads: Julian Owusu’s journey from football to fintech

April 15, 2022

In the wake of explosive accusations against Africa’s most valuable startup, Flutterwave co-founder speaks

April 16, 2022
Advertise with us
update gigs advert images
LATEST

In first act as president, Tinubu announces an end to fuel subsidy

May 29, 2023

Struggling Multichoice dabbles in payments

May 29, 2023

Intron Health believes AI can help African healthcare

May 29, 2023
About Us
About Us

We are dedicated to bringing you news from around the world that is entertaining, educative, informative and self inspiring.. Your source for the lifestyle news.

We're accepting new partnerships right now.

Email Us: updatemedia050@gmail.com

Subscribe to Updates

Get the latest news from Update Gigs Media about entertainment, sports, lifestyle, art, design and business.

Facebook Twitter Instagram
© 2023 Designed by Ntechy Digital System.

Type above and press Enter to search. Press Esc to cancel.