Digital Currency Group, a global enterprise that builds, buys, and invests in blockchain companies, has announced the acquisition of Luno, a leading cryptocurrency exchange.
Based in London and with regional hubs in Singapore and South Africa, Luno has grown significantly in recent years with nearly 400 employees and more than five million global customers spanning over 40 countries.
New York-based DCG will be making a significant financial commitment to help Luno expand globally, both in geography where Luno currently operates and beyond.
Financial terms of the deal were not disclosed.
Led by co-founder and Chief Executive Officer, Marcus Swanepoel, Luno has become a digital asset powerhouse in many emerging and frontier markets, providing digital asset education, knowledge, and investment tools for individuals in Africa, Asia, and Europe.
Luno has helped broaden the global crypto investment community and the company has seen record growth of its customer base in 2020.
In Africa, the company saw more than 550,000 new users on its platform in Q2 2020 and contributes the largest share of cryptocurrency trading volume on the continent across non-peer-to-peer exchanges.
Luno is a leading exchange in several countries that have the highest percentage of cryptocurrency ownership, including South Africa (third-highest of its citizens owning digital currencies), Nigeria (fifth-highest), Indonesia (sixth-highest), and Malaysia (tenth-highest).
DCG is an investment firm that has backed over 160 blockchain companies around the world. DCG first invested in Luno in its seed round in 2014.
“We are proud to have supported Luno as an early investor, and we recognize a shared commitment to building mission-driven companies that can help transform traditional financial services and improve economic freedom for people all over the world,” said DCG Founder and CEO, Barry Silbert.
“Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions.”
