South African cryptocurrency exchange, Luno, will now allow customers to trade Ripple (XRP) on its platform. 
Photo: Luno
South African cryptocurrency exchange, Luno, will now allow customers to trade Ripple (XRP) on its platform. Photo: Luno

Luno will now allow customers to trade Ripple on its platform

By Dhivana Rajgopaul Time of article published Feb 26, 2020

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DURBAN - South African cryptocurrency exchange, Luno, will now allow customers to trade Ripple (XRP) on its platform. 

Ripple is the third-largest digital asset with a current market value of US$12.5 billion and soon be traded on Luno. 

The demand for Ripple has grown and it will be available on the Luno exchange from 3 March 2020. All customers will be able to trade Ripple on the Luno platform at a reduced fee for the first 30 days. 

The cryptocurrency exchange platform provides investors, traders and businesses the ability to buy, store and learn about digital currencies, in a secure environment.

In 2019, Luno asked a sample of customers which coins they would most like to see added to the platform and the survey found that Ripple was the coin they most wanted to buy.



Marius Reitz, Luno’s general manager for Africa said, "2020 has been an interesting year for altcoins, many of which are outperforming Bitcoin which is up 35 percent this year, Ethereum is up 104 percent, Bitcoin Cash is up 87 percent and Ripple is up 41 percent". 

Marcus Swanepoel, Luno Chief Executive said, "While cryptocurrencies are still in their infancy, coins like XRP demonstrate the benefits that blockchain-based assets can offer. 2020 looks as though it will be another very important year for the sector as more people use digital coins as part of their day-to-day finances". 

Ripple was launched in 2012 and is an open source real-time gross settlement, currency exchange and remittance network, which is designed to facilitate cost-free cross-border transactions. Ripple’s use of distributed ledger technology is seen as an ideal fit for transparent, fast and effective payments which has led to XRP being brought-in to handle international remittances in a number of banks.

"Offering Ripple on the Luno exchange has potential benefits for thousands of Luno customers, especially those in developing markets who rely on cryptocurrencies to handle money into and out of their businesses," concluded Swanepoel. 

Recently, the cryptocurrency exchange platform also introduced faster and automated withdrawals to its South African customers at no additional charge which means that customers are no longer restricted to daily withdrawal schedules. 

According to Luno, 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. 

BUSINESS REPORT ONLINE 

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