SA cryptocurrency platform Luno expands into Australia as bitcoin shot past 59% this month amidst COVID-19. While trading in Bitcoin in Australia exceeded expectations in February, the numbers remain low when we look at the size of the country’s economy or any other economic indicators. This was according to Luno’s General Manager, Marius Reitz.
The expansion promotes the country remains a fine hub for the cryptocurrency exchange markets of South Africa, the UK, and Nigeria. Bitcoin.com set the Australian crypto-trade (merchant) at $74,000 in February, almost a doubling of the $44,000 recorded in January. Over the last five years, Australia has experienced a 5-fold increase in fintech companies thanks to the supportive regulatory environment.
Luno recently into Zambia and Uganda, and now employs 350 people across its offices in Africa, Asia, and Europe. A million users have joined the Luno platform since covid-19 exploded, an indication of the shift towards digital channels of transacting that limit human interaction. Luno platform trades Bitcoin, Ethereum, Litecoin, and XRP.
In 2015, Luno raised $3 million courtesy of Naspers, which alongside Rand Merchant Investment Holdings, Digital Currency Group, Balderton Capital UK LLP, and Venturra Capital, all hold minority stakes (less 20%).