Cryptocurrency users in South Africa that make use of the Luno platform will be pleased to hear of a new development on the platform.

The exchange has today announced the launch of automated withdrawals.

This means that users can withdraw Rands from the platform at anytime. General manager for Luno in Africa, Marius Reitz, explains.

“Luno customers wanting to withdraw their rands on the Luno platform can now count on real-time processing instead of waiting for manual batch payments, which have traditionally taken place twice a day,” says the GM.

Luno states that Standard Bank customers will be able to receive their funds within minutes. Customers at other local banks, however, will have to wait for the standard processing of interbank transactions. The firm will be adding instant payments for non-Standard Bank customers (which will carry a low fee) soon but gave no indication of the timeline.

“This service has been launched in response to customer feedback. For us, it is a step towards improving the on- and off-ramps to cryptocurrency. Crypto-to-crypto transfers are instantaneous, but processing delays come into play when customers need to move crypto into traditional fiat accounts,” explains Reitz.

“Cryptocurrency traders need a quick, secure and reliable mechanism to withdraw their cryptocurrency. The instant withdrawal and payment feature will support our customers’ requests for faster processing times,” concludes the GM.