Victor Ugochukwu · Oct 26, 2020 . 5min read
New York Based DCG Acquires Leading International Crypto Exchange Luno
Digital Currency Group targets global expansion after acquiring leading international cryptocurrency exchange Luno at an undisclosed amount.
By Komal Joshi · Sep 14, 2020 . 5min read
Luno, an international cryptocurrency exchange, has been fully acquired for an undisclosed fee by Digital Currency Group. The latter develops, buys, and funds in blockchain companies. New York-based Digital Currency Group will be making a vital financial commitment towards the worldwide growth of Luno.
Luno is based in London and has regional offices in Kuala Lumpur, Lagos, Jakarta, Johannesburg, and Cape Town. The planned development will be in locations where the exchange recently operates. Moreover, Luno team has developed a dynamic road map for future growth. Founded in 2013, it has gained support by global tech giant the Naspers Group and Balderton Capital. It now follows a series of several wholly-owned DCG subsidiaries. Moreover, the subsidiaries include Grayscale Investments, Genesis, CoinDesk, and the recently-launched Foundry.
The relationship between Luno and DCG
Luno offers the largest share of cryptocurrency trading volume on the continent over non-P2P exchanges. However, its mandate has emerged from being merely a cryptocurrency exchange to include digital asset education, knowledge, and financing tools for individuals in Asia, Africa, and Europe, expanding the global crypto investment community.
Digital Currency Group supports more than 160 blockchain companies worldwide. It first funded Luno through a seed round in 2014, one year after it’s inception. Luno has become a digital asset powerhouse in various emerging and frontier markets with the highest cryptocurrency ownership percentage.
Luno to Function Independently After Acquisition
Recently, Luno has approximately 400 employees and more than five million global consumers crossing over 40 countries. According to official figures, it has seen additional record growth of its consumer base this year. Moreover, it witnessed more than 550,000 new African users on its platform in Q2 2020. It will proceed to function as an independent, wholly-owned subsidiary of its new parent company. Additionally, Digital Currency allows its subsidiaries to operate independently while rendering leadership, partnership, and capital to scale businesses further.
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