Cryptocurrency company Luno added one million more users to its trading platform over the last three months, bringing its total customer base to 8 million.
In South Africa, which accounts for 30% of the platform’s users, 300,000 new wallets were created over this period.
Luno said the business has grown rapidly due to ongoing interest in cryptocurrencies, the simplicity of its online and mobile platforms, and for offering education, bank-grade security and self-regulation.
Founded in 2013 by South Africans, Marcus Swanepoel and Timothy Stranex, Luno employs more than 400 staff across offices in South Africa, Malaysia, Indonesia, Nigeria, Singapore and the UK.
Luno general manager for Africa Marius Reitz said the speed at which the platform was growing was remarkable.
“Within five years of launching the business, Luno had built a one million customer base in November 2017. Less than a year later, we had five million,” Reitz said.
This growth has accelerated even further in recent times, with three million more wallets added in nine months.
Reitz said despite Luno’s international presence, Africa remained a key region for cryptocurrency adoption.
“We were the first company to enable South Africans and Nigerians to buy crypto with their local currency, which made access safe and easy.”
“Although we operate in over 40 countries, Luno views Africa as one of, if not the most promising region for the adoption of cryptocurrencies due to its particular combination of economics and demographics,” Reitz said.
Luno added it was actively working with regulators and banks to safely increase access to cryptocurrencies.
The graph below shows how Luno’s customer base grew over the years since it was founded.