South African Crypto Exchange Hits Milestone 3M Wallets, $5M Volume

South African Crypto Exchange Hits Milestone 3M Wallets, $5M Volume

Major South African exchange Luno has continued growing — processing crypto worth more than $5 million a day in August 2019.
Marius Reitz, general manager for Africa at Luno, claimed exceeding more than 80 million South African rand ($5.4 million) was processed on Luno’s South African platform on a daily basis in the past month, local publication TechFinancials reported on Sept. 10.
Three million wallets milestone
Reitz reportedly added that South Africa is one of Luno’s strongest markets, amid a rising appetite for trading in the country. 
Luno has also seen a significant surge of new customers, having reached a milestone of three million wallets across 40 countries on its platform. In comparison,, one of the most popular global wallets, has about 41 million wallets to date.
According to Reitz, reaching three million wallets indicates increasing global adoption and reinforces the company’s purpose of “reimagining a financial system where money is cheaper, faster and safer with open and equal access for everyone.”
London-based South African exchange
Backed by major global Internet and group Naspers, Luno exchange was founded in 2013 by two South Africans: Marcus Swanepoel, a former investment banker, and Timothy Stranex, a former Google’s software engineer. Luno is headquartered in London and operates across Africa, South East Asia and Europe.
Luno offers operating major cryptocurrencies including Bitcoin (BTC) and Ether (ETH) and is the 105th-biggest exchange by average daily trading volume, according to CoinMarketCap. On Aug. 23, Luno added support of Cash (BCH).
In late August, Luno’s CEO Marcus Swanepoel claimed that the majority of its clients use as a tool for investing and speculating, while transaction purposes account for a small share of use cases on the platform.

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