Luno: Cheap, Fast, and Safe Transactions
Luno is a Singapore-based company launched in 2013 that offers a wallet used for both cryptocurrency storage and trading. Formerly known as BitX, Luno was South Africa’s first-ever crypto exchange.
Currently, Luno is available in South Africa, Malaysia, Nigeria, and Indonesia. In addition, the company offers its services in more than 30 European countries, including the United Kingdom, Italy, and France, among others.
Luno’s Road to Success
According to Marcus Swanepoel, CEO and one of Luno’s co-founders, the team has noticed the disruptive potential of digital currencies as early as 2013. They believed that cryptos have the potential to bring efficiency into the financial system.
The team started by providing their business clients with crypto products that harness the potential of the then-new technology. However, Swanepoel and his team realized that financial firms took a lot of time to embrace the technology. And because crypto was young at that time, these firms have yet to get a clear grasp of the what’s and how’s of the technology.
Therefore, the team decided to cater to the customers instead and introduced Luno. Years passed and the company has grown, reaching more than two million customers and processing more than US$5 billion in payments. Moreover, Luno received the recognition as UK’s fastest growing startup by Tech5 in the same year.
Luno currently offers a crypto wallet, an instant buy-and-sell platform, and an exchange.
Through Luno’s Bitcoin Wallet App, users can access their funds through their smartphones anywhere as long as there is an internet connection. Customers can deposit and withdraw their coins through this application.
Luno makes sure that the funds are well secured by using advanced multi-signature transactions and by keeping the funds on a cold storage. The app requires its users to verify their identities as it complies with the Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
The app currently supports Bitcoin (BTC) and Ethereum (ETC), the two biggest digital currencies on the market. However, most of the accepted currencies in the app are fiat, including EUR, MYR, and ZAR, among others.
Clients can also use the app to instantly buy and sell fiat and cryptocurrencies. The feature allows users to purchase offer for sale their coins following the exchange rate at the time the transaction occurred.
Luno’s crypto exchange platform—Luno Exchange—connects sellers to bid orders and buyers to sell orders, similar to how most exchanges work. This offering, however, is only available to users in South Africa, Malaysia, Indonesia, and Nigeria. The exchange offers trading pairs for the two aforementioned cryptos, ZAR, MYR, IDR, and NGN.
A Future with Cryptos
Luno aims to bring the benefits of decentralized cryptocurrencies closer to its customers.
Through the promising technology, Luno helps these customers to reach a world where financial transactions are cheaper, faster, and safer. Moreover, Luno provides tools to help its clients achieve financial freedom.
Luno foresees itself playing a part in helping the world transition from banks and current financial institutions to a better system using blockchain technology and cryptocurrencies.