Cryptocurrency exchange Luno has launched support for Ethereum-rand trading on its platform, allowing South Africans to buy Ethereum directly on the exchange using South African rand.
Launch fees for the Ethereum-rand trading pair will be between 0% and 0.2%, the company said.
Previously, South African customers could only purchase Ethereum using Luno’s instant buy and sell options, but the exchange trading pair now allows them to trade the cryptocurrency at more favourable rates.
“We are working on a number of enhancements to our platform and this pairing has been introduced in response to demand from our customers,” said Luno Africa general manager Marius Reitz.
“Previously, customers could buy Ethereum through our instant buy option but having this ability directly on the exchange makes it faster and cheaper for traders.”
Luno said that it limits the cryptocurrencies on offer to consumers to reduce exposure to scams and questionable tokens.
“Luno limits the currencies on offer to those on which we have completed extensive research and due diligence and we are satisfied with their credibility in terms of security and adoption,” Reitz said.
“Luno will be adding additional cryptocurrencies to its platform later this year.”
The cryptocurrency exchange now has more than 2.7 million customers across 40 countries and has invested heavily in scaling its platform to meet demand in the case of another cryptocurrency boom.