South African-founded Luno, the country’s largest cryptocurrency exchange, has been acquired by Digital Currency Group (DCG), a global enterprise that builds, buys, and invests in blockchain companies.
Luno began in South Africa in 2013. It now has five million customers spanning over 40 countries as well as almost 400 employees based in London, Singapore, and South Africa.
New York-based DCG will be making a significant financial commitment to help Luno expand globally, both in geographies where Luno currently operates and beyond. The financial terms of the deal were not disclosed.
Led by co-founder and CEO Marcus Swanepoel, Luno has become a digital asset powerhouse in many emerging and frontier markets, providing digital asset education, knowledge, and investment tools for individuals in Africa, Asia, Australia, and Europe.
Luno has helped broaden the global crypto investment community and the company has seen record growth of its customer base in 2020.
DCG is an investment firm that has backed more than 160 blockchain companies around the world.
In addition to its venture portfolio, DCG is the parent company of several wholly-owned subsidiaries, including Grayscale Investments (the world’s largest digital currency asset manager), Genesis (a leading digital asset prime brokerage), CoinDesk (the preeminent media and events company in the industry), and the recently-launched, Foundry which provides institutional expertise, capital, and market intelligence to bitcoin miners and manufacturers.
DCG first invested in Luno in its seed round in 2013. Luno has also been backed by global tech giant Naspers Group and Rand Merchant Investments which have sold their stakes in Luno to BCG.
“Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions.” said DCG Founder and CEO Barry Silbert.
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