Luno, the global cryptocurrency platform aiming to put the power of crypto in everyone’s hands, today announced it has surpassed 10 million customers in over 40 countries.
Luno gained 1 million additional customers in just 6 months. The news follows a successful year in which Luno grew its global customer base by 35% year over year.
After rising to an all-time high in market capitalization of $3 trillion in November 2021, the cryptocurrency market fell to its lowest level in five months in January 2022 amid regulatory concerns and a challenging macroeconomic environment. Despite this, Luno continued to grow and played a key role in the adoption of crypto around the world as the industry demonstrated its resilience — having surpassed $2 trillion again in March.
Since its inception in 2013, Luno has enabled the secure transaction of over $52 billion worth of crypto and its customers have stored more than $1 billion. Luno aims to bring crypto to over 1 billion people by 2030 and there is incredible demand for cryptocurrencies in many emerging and frontier markets.
Over the past year, Luno has grown its customer base in Indonesia by 83%, nearly doubling its customer base in the region and giving 1 million more South Africans access to cryptocurrency for the first time.
Marcus Swanepoel, CEO and co-founder of Luno said: “There are appreciated 300 million People using crypto worldwide as of March 2022 – a number expected to rise as global markets gain greater access to the crypto ecosystem. Our mission is to put the power of crypto in the hands of everyone, and reaching the grand milestone of 10 million customers shows that we are at the forefront of this transition to building a better, fairer financial system for the world.”
Africa is one of Luno’s strongest markets, with over 55% of new customers added in the last 6 months coming from the continent. On average, Africans deposit $53 when they open their account and typically hold it for seven months. 29% of new customers bought Bitcoin, while 9% bought Ethereum.
Marius Reitz, Luno’s General Manager for Africa, said: “We are delighted that our customers have helped us to achieve this major milestone. Today’s announcement is a testament to the huge appetite for crypto that still exists on the continent despite the industry’s challenges over the past year. As we continue to evolve, we aim to continue providing our clients in Africa with the confidence and guidance they need to safely invest in cryptocurrencies.”
As of March 12, 2022, the average holding period for a Luno user is over 7 months, with South Africa, the Company’s most active market, holding the longest at an average of 10 months. Users from Singapore also had the highest initial deposit value, which stood at $76 over the last 12 months, compared to Nigeria, one of Luno’s largest markets, which had an average initial deposit of $10.
The milestone announcement comes after a fast-paced 12 months for Luno, fueled by the launch of Luno Expeditions, its global early-stage investment arm supporting the best fintech and Crypto/Web3 founders, and the addition of two more cryptocurrencies to its platform : chain link (SHORTCUT) and Uniswap (UNIVERSITY).
The company continues to forge strategic partnerships and expansions to fuel its growth and is now headquartered in London with over 800 employees across offices in London, South Africa, Malaysia, Indonesia, Nigeria and Singapore, representing growth of 89% over the past year alone.
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