Naspers-backed crypto exchange Luno has revealed that plans are underway to have its services expanded into two new markets in Africa.
According to General Manager Marius Reitz, the crypto exchange “has a keen interest in Kenya and Ghana” as new markets. Expansion into the two countries will see the platform add to its presence in South Africa, Nigeria, Uganda, and Zambia.
The company’s plans to expand further into Africa come at a time demand for cryptocurrencies has shot up amid the COVID-19 pandemic.
According to Reitz, demand for crypto assets is being “boosted by people looking for digital ways to transact and limit human contact.”
An increased number of people have looked at digital assets like Bitcoin for digital transactions and to hedge against inflation. Investors might look at bitcoin as a safe haven, much like they do with gold.
Luno trades four of the top 10 cryptocurrencies in the market- Bitcoin, Ethereum, XRP, and Litecoin. Bitcoin, which is the most popular, has seen its price rally over 99% since the start of April.
Bitcoin is the most popular cryptocurrency; launched in 2009
The platform launched its services in 2013 and is the leading crypto exchange on the continent. It currently has offices in Africa, Europe, and Asia, with 400 employs on its books.
Tech investor firm Naspers led other participants in a $3 million funding for Luno in 2015. Other investors in the exchange were Balderton Capital UK LLP, Ventura Capital, Rand Merchant Investment Holdings Ltd., and Digital Currency Group.