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Luno Reaches 7 Million Customers Thanks To Growing Africa Usage

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It’s no secret that the crypto space is at a consistent growth rate for some time now, with this year, in particular, being particularly beneficial. One of the big factors for this is how crypto is steadily being adopted by the institutional investor space, using it for its properties as a store of value.

It isn’t only the institutional space that’s growing in demand for crypto, however, as more than 100 million crypto users were reportedly active in 2020’s first quarter.

Luno Reports 7 Million Users

Luno stands as a notable crypto exchange, based in the UK. The crypto company was founded in 2013 by Timothy Stranex and Marcus Swanepoel and had a very successful run of things.

Between January of 2020 and January of 2021, Luno recorded a surge of customers, going past the 6 million mark. However, that number has only risen, and Luno now boasts over 7 million users. The company is spread across South Africa, London, Indonesia, Malaysia, Singapore, and Nigeria, with 400 employees in total, and offers its services to 40 of the world’s nations.

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The Mandatory Public Statement

Swanepoel, the CEO of Luno, gave a statement about the matter at large. He explained that the exchange has seen an increase in numbers, month over month, for the past seven years, now. However, Swanepoel noted that this was the first time the company observed this magnitude being accelerated as well.

Now, Luno’s sudden surge in numbers can be attributed to a number of reasons. Generally speaking, it’s assumed that one of the key drivers is how crypto enthusiasts make use of cryptocurrencies for everyday purposes. Another key argument is that institutional players, such as Mastercard, BNY Mellon, and Tesla, are making use of crypto as well. This may be the case, but crypto has a long way towards mainstream integration.

Africans More Keen For Crypto

Cryptocurrencies primarily serve two purposes: Speculation and investment. What’s interesting is that Africans have taken a particular liking for it thanks to these purposes, and Luno has this demographic to thank for a major part of its growth and gained traction.

A survey was done by Luno within the markets it was operating. A total of 15,000 respondents, stretching across the UK, South Africa, Italy, France, Malaysia, Indonesia, and Nigeria. With this survey, Luno’s understanding of how the pandemic influenced its customers’ attitude was made clear when it comes to the current financial system. A total of 54% of all Africans were ready for a single global digital currency to be adopted. Asia was second at 41%, and Europe stood at 35%.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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