Demand for Cryptocurrency in Africa is driving exponential growth for Luno

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    • AvatarEbigide Jude

      Leading global cryptocurrency platform, Luno, has announced that it has reached the momentous milestone of 7 million customers worldwide, with demand for crypto in Africa a key driver of growth.

      2021 has seen exponential growth in the business, with January 2021 seeing a 60% increase in the number of apps installs compared to December 2020 and over 300% growth year-on-year when compared to January 2020.

      In 2020, Luno’s customer base in Africa grew by 2.3million to 4.7million and between January 2020 and January 2021, installs of the company’s app across the continent have surged by 271% alongside its trading volume in Africa, which grew over 12x from $555million to $7billion.

      Luno’s expansion is telling of the bigger-picture market demand for crypto in Africa and globally, as the industry continues to prove its reputation as building a sustainable financial infrastructure.

      The crypto industry as a whole has seen a momentous year of growth, heavily spurred on by the entrance of institutional investors adopting bitcoin due to its store of value properties. The asset, which has become renowned as digital gold, has become more attractive to investors amidst inflation concerns as a result of increased fiscal and monetary stimulus. The 2020 spike bitcoin experienced was also accelerated by its growth in global adoption as the number of global cryptocurrency users surpassed 100 million in Q3 2020.

      Over the last few years, infrastructure in parts of the world that could not previously support the crypto market has improved substantially.

      Luno has played an essential role in these developments, particularly in major African economies and Asia-Pacific, where it has enabled efficient markets for customers to trade crypto in a safe and secure way through local currency.


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