Photo: Supplied
Photo: Supplied

Luno hits 7 million customer milestone

By Reuters Time of article published Mar 2, 2021

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Luno South Africa’s leading cryptocurrency exchange, said yesterday it now had 7 million customers, or wallets, only seven weeks after reaching the milestone of 6 million customers.

“The business has grown rapidly due to the simplicity of its online and mobile platforms, offering education, bank-grade security and self-regulation. It is actively working with regulators and banks to safely increase access to cryptocurrencies,” it said.

Luno was ranked in the top six cryptocurrency exchanges globally in the latest CryptoCompare Exchange Benchmark and received the top-tier AA rating. “Reaching 7 million wallets demonstrates the growing adoption of cryptocurrencies across the globe,” Luno said.

It said Bitcoin’s strong rally this year had fuelled more interest in cryptocurrencies, which had translated into greater customer activity and many new app installs. Crypto-related investments are not regulated by the Financial Sector Conduct Authority (FSCA) or any other body in South Africa.

The FSCA has warned that consumers should understand what they are investing in and the financial risks.

Yesterday, Citi analysts warned that Bitcoin was at a “tipping point” and could either become the preferred currency for international trade or face a “speculative implosion”.

With the recent embrace by the likes of Tesla and Mastercard, Bitcoin could be on the verge of a massive transformation towards going mainstream, Citi said in a report.

In cryptocurrency markets, Bitcoin rose 4 percent to $47 069 (about R708 785) yesterday, and is up nearly 63 percent so far this year.

BUSINESS REPORT

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