Luno Hits 9M Customers Mark

One of the leading global cryptocurrency exchange companies, Luno celebrates hitting 9 million customer mark in over 40 countries.

Luno is a digital currency exchange facility that offers an exchange platform for customers to buy, sell and store digital currencies as well as pay for products and services using a cryptocurrency wallet.

The cryptocurrency exchange platform, Luno, saw remarkable growth with the addition of one million customers in less than five months.

Africa is one of Luno’s strongest markets with over 45 percent of the one million new customers added since June are based in Africa.

Marius Reitz, GM for Africa at Luno commented: “The average value of first deposits made by our million new customers is around USD32. Most new customers (83%) bought Bitcoin, while 27% bought Ethereum and 23% bought Ripple. Of the new customers, 35% are aged between 18 and 24, and gender splits align with trends in financial services – almost three quarters (65%) are male.”

Luno was founded in 2013 by Marcus Swanepoel, an ex-investment banker, and Timothy Stranex a software engineer who had previously worked with Google.

“As we hit the 9 million customer mark, it is a fitting symbol that Luno’s logo now adorns an iconic building in Cape Town’s unofficial financial district on the foreshore. Staff numbers have swelled to over 600 across the UK, South Africa, Malaysia, Indonesia, Nigeria, Australia and Singapore, and we are actively hiring over 60 specialists,” says Reitz.

Reitz affirmed that it took Luno five years to build a base for its first one million customers in 2017. “Luno’s growth has accelerated significantly since then. In the last year alone, we have added over 3.6 million new customers,” he says.

Luno was acquired last year by US-based DCG, the world’s largest blockchain investor and is targeting a billion customers by 2030.