Cryptocurrency fans using the Luno platform can start trading Ethereum for Rands and vice versa following an announcement from the firm today.

The functionality is now available on the Luno exchange with fees ranging from 0% to 0.2% at launch.

“We are working on a number of enhancements to our platform and this pairing has been introduced in response to demand from our customers. Previously, customers could buy Ethereum through our instant buy option but having this ability directly on the exchange makes it faster and cheaper for traders,” explains general manager for Luno in Africa, Marius Reitz.

Ethereum is the second largest cryptocurrency in the world with a $32 billion market cap as of time of writing.

What makes Ethereum different to Bitcoin is that it can be used for more than just currency. The platform can be used to automate legal, financial and medical processes amongst others. Our favourite use of the Ethereum blockchain is smart contracts.

While this news may prompt users to ask why Luno isn’t support the exchange of other currencies on its platform, Reitz explains the company has good reason not to jump at every new coin that pops up.

“Many of these [cryptocurrencies] are scams, so customers need to trust that the exchange they use has verified the track records of cryptocurrencies available on their platforms. Luno limits the currencies on offer to those on which we have completed extensive research and due diligence and we are satisfied with their credibility in terms of security and adoption. Luno will be adding additional cryptocurrencies to its platform later this year,” Reitz said.

The functionality is available right now on Luno’s website. You will need to sign up for an account but the account is free.

[Image – CC 0 Pixabay]
Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.