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Crypto-exchange Luno grows 300%, Africa accounts for two thirds of users

Luno, a Cryptocurrency company founded by Marcus Swanepoel and Timothy Stranex in the United Kingdom in 2013, grew from 6 million to 7 million customers between 2020 and 2021.

Luno’s figures have been rising month after month for the past seven years, according to CEO Swanepoel. However, this is the first time it has seen such a massive acceleration

The massive acceleration can be attributed to Bitcoin’s meteoric rise in recent months.

Cryptocurrency has become a great investment asset for people, especially Africans, due to its rising price.

Africa accounts for 4.7 million of the company’s 7 million customers worldwide.

Also read: Crypto currencies an alternative for Africa’s financial freedom

However, in January 2020, this figure was 2.3 million.

Within this time period, the downloads of Luno app in Africa increased by 271 percent, and trading volumes increased from US$555M to US$7B, with overall trading volume at US$8.3B.

With customers in 40 countries, the company employs approximately 400 people in London, South Africa, Malaysia, Indonesia, Nigeria, and Singapore.

For the time being, crypto is mostly used for investment purposes.

This unique feature has made it especially popular among Africans, a demographic that has played a significant role in Luno’s rapid growth and widespread adoption.

Source: Further Africa

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