Africa, Blazing the Trail in Crypto Currency

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Luno, a cryptocurrency company, has hit eight million customers (wallets). This is coming immediately after the company announced in April that it had reached seven million customers, with one million added in seven weeks.

The company has said it witnessed a major surge in customers from four million in December 2020 to 5.1 million in May 2021. Africa is Luno’s largest market, and its recent figures reinforce this.

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In a statement, Luno’s General Manager for Africa, Marius Reitz said, “Across Africa, we’re witnessing a huge wave of retail investors step into the crypto market for the first time and that’s potentially due to easier access or the lower minimums required to purchase crypto. However, this isn’t just a trend that’s been taking off in Africa, it’s something that’s being replicated across all of our emerging markets but what sets the continent apart is a rapidly growing awareness of how crypto could be the ideal solution for Africa’s unique challenges.”

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In May, Luno said it recorded trading volumes of $7bn in Africa alone, and its app installs have soared by 271 per cent on the continent since January 2020.