South Africa’s best and most popular cryptocurrency exchange Luno announced they have reached a new milestone. The crypto trading firm claims they have surpassed 3 million clients who created wallets on the exchange worldwide. As a result of the increase in new users membership, Luno’s founder Timothy Stranex said the exchange processed $5.4 millions daily in trades during the month of August.
How strong is the cryptocurrency market in South Africa?
According to a report released by TechFinancials on yesterday (September 10, 2019), South Africa’s cryptocurrency market is super strong and lucrative. The $5 million in coins/tokens transactions processed daily in August by Luno crypto exchange is indication how huge the market. Less than 10% of South African’s participate in crypto trading. The opportunity for growth is enormous and market is wide open for competition.
Luno crypto exchange regional manager for the South African division, Marius Reitz, says is all when it stated that South African is a breeding ground for cryptocurrency growth and that communities around the country are becoming very interested in crypto assets.
In the last month, more than R80 million [$5.4 million] worth of cryptocurrency trades have been completed on Luno’s South African platform on a daily basis.
Reitz also stated that,
South Africa is one of our strongest markets and appetite for cryptocurrency trades is still growing – we are seeing new Luno customers learning about and buying cryptocurrencies every day.
Although Luno crypto exchange #1 competitor Blockchain.com has more than 41 million crypto wallets, Luno’s 3 million wallets milestone is a big deal.
Reaching three million wallets demonstrates the growing adoption of cryptocurrencies across the globe and reinforces our aim of reimagining a financial system where money is cheaper, faster and safer with open and equal access for everyone.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.