Founded back in 2013, a renowned global cryptocurrency exchange, Luno, made a new record with around a million new South African customers in 2020. It extended by more than 250,000 customers in 2021 so far. An announcement was initiated by Luno this Tuesday morning; right after time, the price of Bitcoin hit a record high of approximately R910,000 ($62,500).
Luno said that the cryptocurrency gained 300% on year-on-year growth past January 2020 and ended up hitting a record of R121 billion ($8.3 billion) in global transactions. It even processed around R43 billion ($3 billion) in volumes in South Africa last year, which got above this range by the end of March.
Almost 15% of South Africans invested in Bitcoin, which is the second-highest percentage worldwide. As per reports, Luna has around 2.1 million users in South Africa, which is as same as the South African Twitter users. The company even highlights the fact that the average Luno users hold more than $7,000 in January 2021 that is 56% more than December 2020.
Luno also said that in SA, crypto investors mostly comprise the young population. Almost 40% of Luno’s SA customers ages around 29 or under. Among the total, 65% of users are male, while 35% are female.
After Digital Currency Group’s (DCG) acquisition of Luno in September 2020, a growth of 167% was spotted in the number of active users. At the same time, the app installs increased by 119%.
Barry Silbert, the CEO of DCG, said, “Luno has seen phenomenal growth over the past 12 months and is one of the fastest-growing companies in DCS. We will continue to make significant investments to support Luno’s commitment to drive global economic and social change through the transformation of traditional financial services.” He further added, “While regulation generally tends to lag behind innovation, regulators in South Africa have shown as great willingness to engage with the community and work towards pragmatic regulation.”