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Home Cryptocurrency

Luno, a cryptocurrency exchange, has grown by 300 percent, with $8.3 billion in transactions and over 4 million users from Africa

Tech Gist Africa by Tech Gist Africa
04/14/2021
in Cryptocurrency, Fintech, News
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Luno Cryptocurrency

Luno Cryptocurrency

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Luno, a Cryptocurrency company founded by Marcus Swanepoel and Timothy Stranex in the United Kingdom in 2013, grew from 6 million to 7 million customers between 2020 and 2021.

Luno’s figures have been rising month after month for the past seven years, according to CEO Swanepoel. However, this is the first time it has seen such a massive acceleration

The massive acceleration can be attributed to Bitcoin’s meteoric rise in recent months.

Cryptocurrency has become a great investment asset for people, especially Africans, due to its rising price.

Africa accounts for 4.7 million of the company’s 7 million customers worldwide.

However, in January 2020, this figure was 2.3 million.

Within this time period, the downloads of Luno app in Africa increased by 271 percent, and trading volumes increased from $555 million to $7 billion, with overall trading volume at $8.3 billion.

With customers in 40 countries, the company employs approximately 400 people in London, South Africa, Malaysia, Indonesia, Nigeria, and Singapore.

For the time being, crypto is mostly used for investment purposes.

This unique feature has made it especially popular among Africans, a demographic that has played a significant role in Luno’s rapid growth and widespread adoption.

Read More on Tech Gist Africa:

Bitcoin reaches a new all-time high of $63,000, Ahead of Coinbase listing

The Market Capitalization of Cryptocurrency has surpassed $2 trillion for the first time, as Ethereum reaches new highs

The Central Bank Of Nigeria Bans Cryptocurrency in Nigeria

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