Digital Currency Group Acquires Cryptocurrency Exchange Luno.
Luno acquisition opens for the company a new phase and a bigger opportunity for expansion.
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DCG (Digital Currency Group) has acquired Luno, a top retail-focused African crypto exchange and crypto wallet service provider.
Luno is thrilled to announce that we’ve been acquired by Digital Currency Group (@DCGco).
This is an exciting new chapter in Luno’s mission to help upgrade the world to a new financial system. Find out more about what this means for you ⤵️https://t.co/oRDNEhQm4a pic.twitter.com/T2cq3RUACa
— Luno (@lunomoney) September 9, 2020
DCG acquired the entire stake for cash from Rand Merchant Investments (RMI) through its fintech investment arm, AlphaCode, at an undisclosed sum for RMI
Luno is currently not only the largest cryptocurrency retail exchange in Africa but also the largest non-P2P crypto exchange in the whole of Africa with over 5 million users.
Launched in 2013, Luno operates across African and Asia. Luno was formally headquartered in Singapore, then after a couple of years later it moved to London.
Read Also: Luno Records an Increase in User Signups Ahead of Bitcoin Halving.
Luno has close to 400 team members and is a leading exchange in African and a major player in Southeast Asia.
The recent Luno acquisition brings the number of acquisitions and investments on African crypto exchanges by the company to two. AZA, formerly BitPesa, an African exchange born out of Kenya previously received investment from DCG.
Speaking on the acquisition, Marcus Swanepoel, CEO, Luno, said:
“We are grateful to RMI for its belief and support in us. We look forward to continuing our rapid growth as a global business to upgrade the world to a better financial system.”
The company has invested in too many cryptocurrency and blockchain companies. So far DCG has invested in more than 160 blockchain and crypto companies.
Some of the popular companies and brands under the company’s portfolio of investments across the world include:
- AZA (Formerly BitPesa)
- Hedera Hashgraph
- Dapper Labs
- Lightning Network
- Reserve Stablecoin
DCG is a New York-based global enterprise that builds, buys, and invests in blockchain companies.