June 12, 2021

African crypto usage spurs Luno as customers reach 7M


The crypto industry as a whole has seen a momentous year of growth, heavily spurred on by the entrance of institutional investors adopting bitcoin due to its store of value properties. The 2020 spike bitcoin experienced was also accelerated by its global adoption as the number of global cryptocurrency users surpassed 100 million in Q3 2020.

For Luno, a U.K.-based crypto company founded by Marcus Swanepoel and Timothy Stranex in 2013, it grew to 6 million customers from January 2020 to January 2021. However, that number has since gone up to 7 million. Today the company, headquartered in London, has nearly 400 employees across London, South Africa, Malaysia, Indonesia, Nigeria and Singapore, with customers in 40 countries globally.

According to CEO Swanepoel, Luno’s numbers have been increasing month-on-month over the last seven years. However, this is the first time it is observing an acceleration of this magnitude.

There are a couple of reasons for Luno’s surge in numbers (like any…

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