Luno’s incredible growth over the past year

Luno, South Africa’s biggest cryptocurrency exchange, has grown extremely quickly over the past year.

The company has processed over R62-billion worth of payments to date and has reached almost two million customers around the world.

It currently employs over 250 people and operates in over 40 countries, with its head offices in Cape Town, Singapore, and London.

Luno’s customer numbers are even more impressive when you consider the company’s position this time last year – when it had around 460,000 global users.

MyBroadband spoke to Luno country manager for South Africa Marius Reitz about the platform’s strong growth, which he attributed to their European expansion.

“We have seen good growth over the past 12 months, with our global customer base growing more than threefold,” said Reitz.

“The main drivers behind this growth are our expansion into 35 European countries and increased interest in our existing markets.”

Reitz said Europe has become a key area for the cryptocurrency exchange, and it has plans to continue expanding in the region.

“Europe as a new market is showing fast growth – it is our fastest-growing market yet,” said Reitz.

Scaling the platform

Along with its global presence, Luno has grown its infrastructure and team to ensure it meets customers’ expectations while rapidly increasing its users base.

The company has experienced periodic issues with customer support backlogs, but worked hard to improve them and continue a high level of support.

“We did a lot on the tech and product side to optimise flows and increase the speed at which we onboard customers, without compromising compliance and their security – which is a key priority for us,” said Reitz.

Reitz added that the customer support team at Luno has grown impressively and the platform is continuing to operate efficiently.

“We hired a number of key roles across the business that helped us scale and handle the increase in volumes, and expanded our customer support from 20 people to a team of 160,” he said.

Luno has also expanded the capabilities of its platform over the past year, adding support for Ethereum and major hard-forked tokens like Bitcoin Cash.

Now read: South African Reserve Bank blockchain project a huge success

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Luno’s incredible growth over the past year