Luno hits 9 million customers, adds a million in 4 months

Cryptocurrency exchange platform Luno has announced it has accumulated 9 million customers with a million added in just over four months.

Founded by South Africans Marcus Swanepoel and Timothy Stranex in 2013, the platform lets users buy, sell, and store cryptocurrencies.

The milestone is noteworthy as it took Luno five years to accumulate its first million customers in 2017.

“Luno’s growth has accelerated significantly since then,” General Manager for Africa, Marius Reitz, said in a statement.

“In the last year alone, we have added over 3.6 million new customers.”

Last year, US-based blockchain technology group DCG acquired Luno.

South Africa is one of Luno’s strongest markets with over 30% of the new one million customers residing locally.

According to Reitz, the average value of new customers’ first deposits is around R550.

Reitz said 67% of new customers bought Bitcoin while 43% bought Ripple and 20% bought Ethereum.

More than a third of new customers (37%) are aged between 18 and 24. Almost three quarters (71%) of new customers are male, which aligns with gender split trends in financial services.

While adding more customers, Luno plants a flag in Cape Town

The announcement comes as the company’s logo is now viewable at the top of Atterbury House, a 29-floor skyscraper located in the Cape Town CBD.

“As we hit the 9 million customer mark, it is a fitting symbol that Luno’s logo now adorns an iconic building in Cape Town’s unofficial financial district on the foreshore,” Reitz said.

The company has increased its staff to 600 across South Africa, Indonesia, Malaysia, Singapore, Australia, Nigeria, and the UK. It is also actively hiring over 60 specialists.

Last year, US-based blockchain technology group DCG acquired Luno. The group is targeting a billion customers by 2030.

Read more: SA Crypto exchange launches no-exchange fees October

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Featured image: Supplied/Roy Wrench