Luno currently has over 3 million users and supported Bitcoin(BTC), Ethereum (ETH), and Bitcoin Cash (BCH) before adding Ripple.
Ripple’s XRP is currently (28/02/20) the third-largest cryptocurrency based on market capitalization. XRP, the native currency of the RippleNet, is used to transfer value on the network.
The Ripple network was built to allow fast and affordable transactions globally by banks and other financial service providers.
Ripple will be available for trading on the Luno platform starting March 3. Luno also intends to provide a reduced trading fee for users who trade XRP in the first 30 days.
According to Luno CEO, Marcus Swanepoel:
While cryptocurrencies are still in their infancy, coins like XRP demonstrate the benefits that blockchain-based assets can offer. 2020 looks as though it will be another very important year for the sector as more people use digital coins as part of their day-to-day finances.
We have always highlighted the benefit digital currencies can offer millions of people, so to have a coin with a genuine utility function which is being adopted by banks is great news. Offering Ripple on the Luno exchange has potential benefits for thousands of Luno customers, especially those in developing markets who rely on cryptocurrencies to handle money into and out of their businesses.
This addition comes after Ripple was the most requested currency when the platform asked users to suggest new cryptocurrencies for the new year.