Yesterday 9th of September the CEO of Luno Marcus Swanepoel announced on their blog that their brand has been acquired by the Digital currency group (DCG). DCG is one of the most prolific global enterprises that invests and supports crypto companies all over the world. It was founded in 2015 by Barry Silbert, an early investor in the early years of crypto.  DCG is backing more than 150 companies globally including Ripple and Coinbase.

Swanepoel revealed that DCG and Barry was an early investor to Luno in 2014.  Speaking about how it happened he said: “When we started Luno, we certainly did not set out to sell the company. We always valued our independence and unique culture, and have fortunately always had strong growth in all the countries we’ve launched, allowing us to continue to be in a very strong financial position to this day. That said, as the industry has evolved over the past few years, it became clearer to me that the most effective way to upgrade the world to a new, better financial system - at scale - is by having a company and business model that is deeply integrated across the entire industry and value chain, and importantly also one where these parts are able to maintain their own identity and brand whilst ‘loosely coordinating’ between one another. There is only one crypto company in the world that has managed to lay the right foundation for this, and that is DCG. So when the opportunity came up to become a fully-fledged part of the DCG family, we took the opportunity without any hesitation.”

This only coming weeks after Luno announced a global 5 million customer base and a move to Sydney. Luno has been growing faster and has positioned itself as one of the top crypto exchanges in the African Market. With the Increase in crypto Fraud and hacking in the Global community, they have still maintained a high level of security in keeping their customer’s money and crypto safe.

The CEO explained that this move will help them achieve their goal of hitting 1 billion customers globally. Even with the move, Luno will continue to run independently and with its co-founders and team. Also, the customers need not fear a major Change that will affect them, because it will still be business as usual.

Barry speaking on an interview on CNBC said he had watched Luno grow from a company of 5 people to more than 400 people, 5 million customers all around the world, and with this acquisition, Will get to accelerate the growth and bring it to people all over the globe.

The coronavirus pandemic helped the Crypto Market this year as an accelerant to the next level it needed to boom. There was a lot of awareness, a lot of engagements, and people leaning towards cryptos as an alternative investment and payment system.
This is a win for the crypto market in Africa because this move will help quick Global payments and transactions between continents. Since Luno is a leader in the emerging market. We may be witnessing a time without restrictions and financial boundaries. Be ready.

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Hillary Uzomba

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