in ,

Naspers-backed digital asset platform plans expansion in Africa

Luno already offers Bitcoin, Ethereum, XRP and Litecoin in four African countries.

luno
Share

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.

Digital transactions

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.

btc is most popular crypto

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.

Share

What do you think?

0 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

Leave a Reply

Your email address will not be published. Required fields are marked *

PlugandPlay

Plug and Play to open first African office in Johannesburg

syafunda

Edtech startup Syafunda nets R2.5 million investment from Edge Growth