Luno, the South Africa founded and London-based global cryptocurrencies exchange, has announced that its Johannesburg office will be its regional headquarters for Afrika. as far as Afrika is concerned, Luno already operates in South Africa and Nigeria.
Earlier in 2018 Luno announced that it had reached a significant milestone of having 2 million customers open wallets on their platform.
"While we were the first crypto company to operate in Africa, our presence has been largely limited to Nigeria and South Africa. We’ve been closely monitoring the rest of the African market and believe that the time is now finally right for a dynamic expansion across other African markets. The long-term positive value that our industry and Luno can provide to people across the continent makes it an extremely exciting and rewarding endeavour. We will be investing a significant amount of capital and resources into our African expansion over the coming months and years. We look forward to working closely with governments, regulators and financial institutions to help create an environment that fosters innovation and job creation that will contribute to broad scale growth, drive economic opportunities and ultimately, real value for consumers," said Marcus Swanepoel, CEO and Co-founder of Luno.
Luno's growth has thus far been steady across the globe and it now has a team of over 250 employees spread across their three main hubs: London, Singapore and Cape Town, and regional offices in Lagos, Kuala Lumpur and Jakarta. It also serves customers in 40 countries worldwide.
Growth of cryptoccurencies in Afrika
There has been an interesting growth of cryptocurrencies, especially Bitcoin, across Afrika. One of the main and dominant use cases for Bitcoin on the continent has been for remittances. With several startups, one of them being BitPesa, using the cryptocurrency to reduce costs of transferring money across different countries for its customers.
Another unlikely contributor to the traction of Bitcoin in Afrika is the Ponzi scheme, MMM. This happened at the peak of MMM when it was operating in countries such as South Africa, Kenya, and Nigeria and it offered its users the option to cash out using Bitcoin instead of their local currencies.
Luno ihas indicate that it recognizes this growth of cryptocurrencies in Afrika and as such it is committed to further expansion across the continent. In South Africa Luno is already the leading cryptocurrencies exchange and wallet.