South African Crypto Exchange Hits Milestone 3M Wallets, $5M Volume

Major South Africa’s crypto exchange Luno has continued growing, having processed more than $5 million worth of crypto in August 2019.

Marius Reitz, general manager for Africa at Luno, claimed that over 80 million South African rands ($5.4 million) worth of crypto has been completed on Luno’s South African platform on a daily basis in the last month, local tech publication TechFinancials reports Sept. 10.

Three million wallets milestone

Reitz reportedly stated that South Africa is one of the Luno’s strongest markets, noting the rising appetite for crypto trading in the country.

Luno has also seen a significant surge of new customers, having reached a milestone of three million wallets across 40 countries on its platform. In comparison, Blockchain.com, one of the most popular global crypto wallets, has around 41 million wallets to date.

According to the executive, reaching three million wallets indicates the increasing global adoption and reinforces the company’s purpose of “reimagining a financial system where money is cheaper, faster and safer with open and equal access for everyone.”

London-based South African exchange

Backed by major global Internet and entertainment group Naspers, Luno exchange was founded in 2013 by two South Africans, Marcus Swanepoel, a former investment banker, and Timothy Stranex, a former Google’s software engineer, the report notes. To date, Luno is headquartered in London and operates across Africa, South East Asia and Europe.

Luno offers operating major cryptocurrencies including Bitcoin (BTC) and Ether (ETH) and is 105th biggest crypto exchange by average daily trading volumes, according to CoinMarketCap. On Aug. 23, Luno added support of Bitcoin Cash (BCH).

In late August, Luno’s CEO Marcus Swanepoel claimed that the majority of its clients use Bitcoin as a tool for investing and speculating, while transaction purposes account for a small share of use cases on the platform.

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