Luno, a South African cryptocurrency exchange, has introduced faster and automated withdrawals to its South African customers at no additional charge.
Photo: Luno
Luno, a South African cryptocurrency exchange, has introduced faster and automated withdrawals to its South African customers at no additional charge. Photo: Luno

Luno launches automated withdrawals after requests from customers

By Dhivana Rajgopaul Time of article published Jan 24, 2020

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DURBAN - Luno, a South African cryptocurrency exchange, has introduced faster and automated withdrawals to its South African customers at no additional charge. 

This means customers are no longer restricted to daily withdrawal schedules. 

"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," said Marius Reitz, Luno GM for Africa. 

In particular, Standard Bank account holders will receive their rands within minutes. Customers using other South African banks are able to request withdrawals for immediate processing, which will be subject to the standard processing time required for all inter-bank transactions. 

Instant payments will soon be added to the Luno platform for non-Standard Bank customers at a low additional fee. 

"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. The instant withdrawal and payment feature will support our customers’ requests for faster processing times," said Reitz.

Luno also recently launched recently introduced Bitcoin Cash (BCH) on its exchange, which enables Luno customers to buy, sell and store BCH on the platform. 

In September 2019, the cryptocurrency exchange announced that it has 3 million customers (wallets) spanning 40 countries.

The company was founded in 2013 by two South Africans Marcus Swanepoel, a former investment banker, and Timothy Stranex. Luno is headquartered in London and has more than 300 employees across offices in South Africa, Malaysia, Indonesia, Nigeria and Singapore.   

BUSINESS REPORT ONLINE

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