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Luno (cryptocurrency company)

From Wikipedia, the free encyclopedia

Luno (formerly BitX) is a licensed financial services provider and cryptocurrency company in South Africa that is focused on Bitcoin[1] and Ethereum.[2] The company was founded by four South Africans, Timothy Stranex, Carel van Wyk, Marcus Swanepoel and Pieter Heyns [3] and registered and headquartered (initially) in Singapore in 2013.[4]

Market Penetration

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Although Sub-Saharan Africa is a relatively small crypto currency market, spending (and not only trading) bitcoin is possible and increasingly common,[5] using various transaction services, known as crypto asset service providers (CASP). These services permit shopping through vouchers [6] and over 30 000 merchants accept crypto payments.[7] LunoPay is the largest of 138 CASP,[8] and can be used at Pick n Pay stores[9] Luno has other operations in the United Kingdom, South Africa, Malaysia, Indonesia, Nigeria, and Australia.[10]

Scaling Up

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In 2020, Luno was acquired by the Digital Currency Group, and in October 2022 the Financial Sector Conduct Authority (FSCA) declared crypto assets a financial product,.[11] In 2022, Luno Expeditions was launched[12] and in 2023, Luno announced that they had passed the 12 million customers milestone.[13] In 2023, Luno also announced that over a third of their workforce would be retrenched[14] and on the 30 April 2024 Luno received a financial services provider licence from the FSCA to operate as a licensed crypto provider.[15]

Media and Bubbles

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Media coverage about Cryptocurrency increases trading volumes, amplifies irrationality among investors and this can lead and encourage the growth of an asset bubble[16] Luno has partnered with Siya Kolisi [17]since he has a huge influence,[18] and this will be used to generate crypto-currency literacy as Luno customers face financial decisions in a volatile market.

References

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  1. ^ "BitX Rebrands as Luno, Reveals Bitcoin Sandbox Project". CoinDesk. Retrieved 2025-01-14.
  2. ^ "Luno launches ethereum staking - TechCentral". 2023-06-22. Retrieved 2025-01-14.
  3. ^ Planting, Sasha (2021-12-14). "Luno CEO Marcus Swanepoel talks about the company's journey To infinity and beyond: Luno CEO Marcus Swanepoel talks about the company's high-stakes journey". Daily Maverick. Retrieved 2025-01-14.
  4. ^ "Tech in Asia - Connecting Asia's startup ecosystem". 2019-12-07. Archived from the original on 2019-12-07. Retrieved 2025-01-14.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  5. ^ https://www.businesslive.co.za/bd/companies/retail-and-consumer/2024-06-13-pick-n-pays-bitcoin-payments-system-hits-r1m-a-month/
  6. ^ https://www.news24.com/news24/bi-archive/this-app-converts-crypto-into-vouchers-you-can-use-at-more-than-80000-stores-in-south-africa-2022-1
  7. ^ https://techpoint.africa/2024/10/07/luno-merchants-accept-crypto-south-africa/
  8. ^ https://www.dailymaverick.co.za/article/2024-10-09-do-you-own-crypto-assets-sars-wants-to-hear-from-you/
  9. ^ "Earn crypto rewards when using Luno Pay at Pick n Pay stores".
  10. ^ "About - The World's Leading Cryptocurrency Company". Luno. Retrieved 2025-01-14.
  11. ^ https://www.fsca.co.za/Documents/Crypto%20Market%20Study.pdf
  12. ^ "Luno launches investment arm to back fintechs, crypto, web3 startups". DealStreetAsia. Retrieved 2025-01-14.
  13. ^ Malinga, Sibahle (2023-07-20). "Luno hits 12m customers, despite 'crypto winter' woes". ITWeb. Retrieved 2025-01-14.
  14. ^ "Luno retrenching 35% of staff". Retrieved 2025-01-11.
  15. ^ "Luno: First SA licensed crypto provider under new regulations". Bizcommunity. Retrieved 2025-01-11.
  16. ^ Li, Yi; Zhang, Wei; Urquhart, Andrew; Wang, Pengfei (2022). "The role of media coverage in the bubble formation: Evidence from the Bitcoin market". Journal of International Financial Markets, Institutions and Money. 80. doi:10.1016/j.intfin.2022.101629.
  17. ^ https://www.itweb.co.za/article/siya-kolisi-partners-with-crypto-firm-luno/mQwkoM6YPAR73r9A
  18. ^ https://patonbrands.com/siya-kolisi-he-darling-of-brands/