Last month, we wrote about locally-born crypto exchange platform Luno and its expansion into Australia. Now the platform is set for an even wider expansion after recently confirming that it has been acquired by a blockchain investor out of New York.
“New York-based DCG will be making a significant financial commitment to help Luno expand globally, both in geographies where Luno currently operates and beyond. Financial terms of the deal were not disclosed,” a press release sent to Hypertext explains.
It is yet another big step for the crypto exchange, which has grown rapidly since it first launched in 2013. Right now Luno has over five million customers in over 40 countries across the globe, and this acquisition primes the platform for an even greater reach.
The acquiring company in question, DCG (Digital Currency Group), is also one of the biggest of its kind on the planet, with it having backed more than 160 blockchain companies around the world. The pair have known one another for some time too, as DCG first invested in Luno in its seed round in 2013.
Since then Luno has also been backed by global tech giant Naspers Group and Rand Merchant Investments (via AlphaCode), which have sold their stakes in Luno to DCG.
“We are proud to have supported Luno as an early investor, and we recognize a shared commitment to building mission-driven companies that can help transform traditional financial services and improve economic freedom for people all over the world,” adds DCG founder and CEO Barry Silbert.
“Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions,” he continues.
For those with any concerns that Luno will shift focus from its existing territories and plans, it has provided some surety in that regard.
“Luno maintains key regional offices in Johannesburg, Cape Town, Kuala Lumpur, Lagos, and Jakarta and will continue to focus on the existing geographies where it operates across Europe, Africa, Australia and Asia,” the exchange’s press release concludes.
Either way it’s exciting times ahead for the company and its customers.