South African owned cryptocurrency exchange, Luno, has surpassed the 5 million users as of August 2020.
Luno continues to be one of the most popular cryptocurrency exchanges in South Africa and Nigeria. What’s more, Luno has moved into new markets, including Uganda and Zambia.
“Our African expansion is moving steadily forward, and we recently launched in Zambia and Uganda. Luno is on an expansion drive, and the Australian crypto landscape ticked many of the boxes on our checklist.”
Beyond Africa, Luno has also been expanding its reach in other regions. Luno just launched in Australia, allowing Australians to purchase crypto on the platform.
According to Luno, Australia fits its criteria for expansion. Australia has seen an enormous growth of fintech companies in the last half-decade. Also, there is favorable regulatory sentiment towards cryptocurrencies in Australia.
We identified an opportunity due to the relative complexity of their cryptocurrency landscape. Luno’s platform is a simple, easy, and safe way for average and starter crypto investors to buy crypto – new customers can go through our digital KYC (know your customer) process and complete their first transaction within a few minutes.
We have a distinct focus on helping our customers to learn more about the future of money and cryptocurrencies.
Reitz says that Australians display positive sentiments towards cryptocurrency. Australia’s Independent Reserve Cryptocurrency Index (IRCI) estimates that more than 50% of Australians under 34 will own crypto in the next five years at the current rate of adoption.
The Reserve Bank of Australia has run a proof-of-concept for a wholesale central bank digital currency while the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, and anti-money laundering regulator, has been regulating the crypto industry since April 2018.
In an exclusive interview with BlockNewsAfrica, Luno mentioned it has plans to expand to Ghana and Kenya in the coming months.
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