Luno has added a million new users in the last year

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The cryprocurrency exchange born here in South Africa, Luno, is looking back at what has been a rather successful 12 months.

The exchange reports that in the last year, one million new users have opened a wallet through Luno bringing the total number of customers to three million.

Part of what is driving that growth appears to be Luno’s embracing of crypocurrencies other than Bitcoin.

Users are already able to buy, sell and store Ethereum as well as Bitcoin and the Bitcoin fork, Bitcoin Cash.

“In the last month, more than R80 million worth of cryptocurrency trades have been completed on Luno’s South African platform on a daily basis,” says general manager for Luno Africa, Marius Reitz.

But Luno isn’t about to let every coin and its token onto its platform.

“There are over 2 000 cryptocurrencies in the market. We take our role as a trusted platform very seriously and have therefore always been cautious about new coins. We only add new coins once we are confident of their security, credibility and market traction,” explains Reitz.

This hesitation is a good thing and might be why folks can’t trade Bitcoin Cash on Luno at time of writing. Users can set up a wallet to send and receive Bitcoin Cash, but trading appears to still be limited to Bitcoin and Ethereum.

The firm also announced that higher liquidity than other exchanges. The Luno Africa GM says, “An increasing number of customers are looking to buy and sell cryptocurrency on Luno. It’s therefore important to consider the liquidity on the exchange, which refers to the volume of cryptocurrency being traded. In turn, the volume of trades results in a narrowing between the asking price and eventual purchase price of coins. Cryptocurrencies are increasingly seen as an alternative investment option and this is one of the most popular use cases.”

The last 12 months have been good to Luno and with the firm on a growth path it won’t be long before the next million users are added.

Brendyn Lotz

Brendyn Lotz

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.


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