South Africa’s exchange, Luno, announced that it has now enabled has automated and instant real-time withdrawals for its customers for crypto to bank accounts transactions with no additional fee charge.
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This new instant real-time withdrawal service from Luno is a new good development that will encourage cryptocurrency adoption in South Africa. It will help ease the inconvenience attached to long process of cryptocurrency to bank account withdrawals.
According to Marius Reitz, Luno GM for Africa:
“Luno customers wanting to withdraw their rands on the Luno platform can now count on real-time processing instead of waiting for manual batch payments, which have traditionally taken place twice a day.”
Currently, it is only Standard Bank account holders that can benefit from this crypto to bank account service in South Africa. Moreso, Luno will be expanding same real-time instant withdrawals to other non-Standard Bank accounts holders at a low fee.
“This service has been launched in response to customer feedback. Cryptocurrency traders need a quick, secure and reliable mechanism to withdraw their cryptocurrency. The instant withdrawal and payment feature will support our customers’ requests for faster processing times.” ~ Reitz
Just few months after VALR, the fastest growing exchange in South Africa introduced instant crypto to bank accounts withdrawals, Luno the most popular crypto exchange in South Africa opens same crypto to bank accounts service to its customers.
Amidst the issue of South African banks shutting down its crypto to bank account sercice mostly for South Africa crypto related businesses comes the new development.