Luno Crypto Exchange Launches Bitcoin Savings Wallet With a 4% Annual Interest Rate

Luno cryptocurrency exchange app is now offering a ‘savings wallet’ that will allow its users to earn up to 4% in annual interest on BTC held. The exchange, which was recently acquired by popular blockchain investment firm, Digital Currency Group, is looking to tap into its 5 million user base by offering better rates than most traditional banks worldwide.

According to research conducted by Luno, 54% of its clientele earn zero percent interest on their cash deposits with local banks. The analysis also revealed, and it’s no surprise, that 95% of Luno users would like to earn interest on their crypto deposits.

The firm has since embarked on offering its new Bitcoin Savings wallet, which will pay out interest every month. Notably, this service carries no fees or fixed terms; users can withdraw their funds at any time. Luno Co-founder and CEO Marcus Swanepoel said that,

“In a time of economic uncertainty, the Bitcoin Savings Wallet is a safe alternative for anyone looking to make meaningful savings on their money.”

He highlighted that this milestone comes when the global community could benefit from investing in a ‘currency’ that is not correlated to an unhealthy economy. Luno, a U.K domiciled company, is currently available in Europe but does not serve the U.S market despite its burgeoning prospects.

The new Bitcoin savings feature by Luno coincides with the recent developments in Decentralized Finance (DeFi), where traditional financial products are now integrated with decentralized protocols. These innovations have been on the rise as speculators and fundamentalists invest in building this ecosystem. Nonetheless, it has presented some challenges, especially with scammers taking advantage of unsuspecting investors.

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Author: Edwin Munyui

Crypto Exchange, Luno, Is Now a Wholly-Owned Subsidiary of Digital Currency Group (DCG)

Cryptocurrency exchange Luno has been acquired by New York-based digital asset firm Digital Currency Group.

London-based Luno, which also has hubs in Singapore, Cape Town, Kuala Lumpur, Lagos, Jakarta, and Johannesburg, has about 400 employees and caters to more than five million customers. The company, which is also backed by technology investor Naspers and others, will continue to be led by CEO Marcus Swanepoel.

Barry Silbert’s DGC, which backs more than 160 blockchain companies and is the parent of Grayscale Investments, Genesis, Foundry, and Coindesk, first invested in Luno in its seed round in 2014. Now, Luno has also become the independent, wholly-owned subsidiary of DCG.

“Luno is a high growth, global business, and there is a massive opportunity to expand organically and through acquisitions,” said Silbert, founder, and CEO of DCG.

With a long term vision to “upgrade the world to a better financial system,” the company targets bringing 1 billion people into the mix by 2030.

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Author: AnTy

Exchange Sees Record Growth with Expansion for Rapid Crypto Adoption

Cryptocurrency platform Luno is now expanding into Australia. The region where bitcoin trading reached a record in February, to $74,000 up from $44,000 in January, still remains largely untapped.

In the last five years, Australia that has a supportive regulatory environment, has seen a fivefold increase in the number of fintech companies, said Luno General Manager Marius Reitz.

The South African company, which operates in Nigeria and the UK and recently started trading Uganda and Zambia as well, employs 350 people across offices in Africa, Europe, and Asia.

According to Reitz, Africa is one of the “most promising” regions for crypto adoption, given the challenges of high inflation rates, volatile currencies, and a lack of banking infrastructure in different countries of the continent.

Moreover, “Africa’s young and mobile-native make the continent even more ideal for the rapid adoption of crypto,” he said. Not to mention, Nigeria, Uganda, South Africa, Kenya, and Ghana are frequently among the top 10 countries by Google searches for the term “Bitcoin.”

Luno has added about a million users to its platform since the pandemic began. Just yesterday, it announced that the company has officially reached 5 million customers.

Founded seven years ago, Luno attracted $3 million in funding in 2015, led by Africa’s biggest company Naspers, which along with Rand Merchant Investment Holdings Ltd, Balderton Capital UK LLP, Venturra Capital, and Digital Currency Group all own less than 20% stakes in the company.

As we reported, DCG here just made a bet of $100 million on bitcoin mining with its fourth subsidiary, Foundry, the other three being Grayscale Investments, Genesis, and Coindesk, to reduce China’s dominance on BTC hash rate and bring it back to North America.

The crypto world is seeing a lot of development in 2020, just this week, Fidelity unveiled its first bitcoin fund for family officers and registered investment advisers with a minimum investment of $100,000.

As the crypto market is enjoying the gains, with Bitcoin up 56.4% YTD, development in the space is gathering speed as well.

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Author: AnTy

Malaysia’s Biggest Crypto Exchange Luno Set to List Ripple’s XRP

London based crypto exchange Luno is expected to list XRP token onto its platform. The exchange aims to make the XRP tokens available to Malaysians either in December 2019 or early 2020. Luno was recently relaunched in Malaysia at the end of October this year.

Ripple (XRP), which is a real-time gross settlement system and currency exchange network known for its use in cross-border payments, has been looking to build a larger scheme around the coin and over the last few years the idea has seemed to crystallize. Luno has since noticed XRP’s potential and wants to bring the token to Malaysia. The firm’s head of Asia Vijay Ayyar cited,

“What we can say at this time is that we are planning to increase our cryptocurrency offerings as we grow, while keeping customer’s safety and compliance with regulations as our highest priority.”

He continued to say that while Luno would be widely expanding its crypto offerings, it would also be sure to maintain all ethical standards to customers. The ethical standards include ensuring customer’s data safety and complying with rules and regulations. Luno’s South-East General Manager, David Low believes that the ever-growing demand for Ripple’s XRP would be partially met by the Luno listing. Mr. Low explained,

“Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new ways to use this technology for their benefits.”

An exclusive interview with the Malaysian Reserve (TMR) revealed that the Securities Commission has already approved Ripple and that Luno will be bringing the cryptocurrency onboard the exchange sometime this December or early next year. This has allowed the company to once again step on the country’s turf. Due to forward looking regulations and high banking rates, Luno is expected to be one of the largest markets in Malaysia.

XRP was created by Ripple Labs Inc., a U.S based currency exchange founded back in 2012. After Ethereum (ETH) and Bitcoin (BTC), XRP has the third largest market capitalization of US$9.2billion.

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Author: Lujan Odera