Luno South Africa country manager Marius Reitz has affirmed the cryptocurrency exchange’s stance on adding support for other cryptocurrencies.<\/p>\n
Speaking at Blockchain Entrepreneurs Club South Africa’s (BECSA) Chain Reaction event in Johannesburg, Reitz addressed the platform’s approach to its cryptocurrency wallet, and its future plans.<\/p>\n
Reitz said he believes we are 5-10 years away from cryptocurrency taking over as a world currency, and that users should have equal access to the next generation of currency.<\/p>\n
“To us at Luno, the most important thing is to create an open and equal system for all,” he said.<\/p>\n
He said that greedy investors were good for the cryptocurrency industry, as they cause network development and public awareness to increase at a faster rate.<\/p>\n
“Greedy people provide liquidity to the ecosystem and accelerate the network effects,” Reitz said.<\/p>\n
“Each time a greedy person buys cryptocurrency, that person buys into the industry and makes it possible for us to continue with research, development, and scaling.”<\/p>\n
He added that adoption of cryptocurrencies by the general public is being driven\u00a0by more useful and real use-cases, increased awareness, and improved infrastructure.<\/p>\n
When it comes to adding support for other cryptocurrencies – or “altcoins” – Reitz said that Luno has no immediate plans to support additional tokens.<\/p>\n
Luno has made this decision for both accessibility and security reasons.<\/p>\n
“We are not currently adding more tokens to our platform,” Reitz said.<\/p>\n
He said that increasing the number of tokens available on the cryptocurrency exchange adds another layer of complexity, which could discourage newcomers.<\/p>\n
“By adding more altcoins, we are increasing the complexity of our operations, as everything needs to become more complex,” Reitz said.<\/p>\n
“For a first-timer, that person will be confronted with five different altcoins and will think ‘which one do I go for?'”<\/p>\n
Reitz said that at this stage, Luno is working on making its app, platform, and cryptocurrency wallet as easy-to-use and safe as possible.<\/p>\n
He said that the platform could definitely support additional cryptocurrencies, but the exchange is choosing to focus on security and accessibility instead.<\/p>\n
“I’m not saying that we won’t ever add more altcoins,” Reitz said. “We could add 10-20 altcoins in the next month if we wanted to, but it would not be the responsible thing to do at this stage.”<\/p>\n
Luno South Africa country manager Marius Reitz has affirmed the cryptocurrency exchange’s stance on adding support for other cryptocurrencies.<\/p>\n","protected":false},"author":341028,"featured_media":237392,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[45789,54625,54623,43378,51443],"class_list":["post-280165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-altcoins","tag-becsa","tag-chain-reaction","tag-cryptocurrencies","tag-marius-reitz"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/280165"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341028"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=280165"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/280165\/revisions"}],"predecessor-version":[{"id":280805,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/280165\/revisions\/280805"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/237392"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=280165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=280165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=280165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}