South African founded global cryptocurrency platform Luno which now has close to three million users globally has announced the expansion of cryptocurrencies offered to its customers, with the adoption of Bitcoin Cash (BCH), while also sharing insights on Bitcoin speculation.
Co-founded by CEO Marcus Swanepoel and CTO Timothy Stranex, Luno has raised over $13m in funding since launch in 2013 and is backed by global tech giant the Naspers Group who led their Series A round and Balderton Capital who led their Series B round, amongst others.
Luno started in 2013 when it built the world’s first fully-integrated crypto wallet. This infrastructure was then leveraged to create the world’s pre-eminent emerging markets consumer crypto platform. Recently they received conditional approval from the Securities Commission (SC) of Malaysia as a Recognised Market Operator (Digital Asset Exchange).
In addition to Bitcoin and Ethereum, the first new coin to be introduced on Luno will be BCH, as some customers already have this wallet activated, so it made sense to extend this to the rest of the customer base. Luno customers are now able to buy, sell and store BCH on the platform. “We are in a new and exciting financial era.
Developing economies are leading the large-scale adoption and application of cryptocurrencies. Luno has been part of this change and has listened to, and always worked hard to understand the needs of these developing economies. It is for this reason we have moved to expand our offering of secure and legitimate digital currencies to individuals, enabling cross-functional accessibility and transfer of funds.” – says Marcus Swanepoel, CEO and Co-Founder of Luno.
Whilst Luno welcomes new cryptocurrencies onto the platform, “the user-experience, functionality and safety will remain at the forefront” of what they do.
Bitcoin trade still 90% Speculation
Swanepoel has also recently warned the vast majority of people who have bought bitcoin are still speculating on the price with payments and international remittances making up only a small fraction of the options for using cryptocurrency.
“There’s a split in how people are using bitcoin,” he told CNBC. “With bitcoin there’s a lot of complexity with who’s doing what. There’s not always as much visibility on the market as we’d all like to have.”
“Roughly about 90% of bitcoin buyers I would put into the category of investments slash speculations, so it could be people who have a long term view on it, people who like to trade it, and about 10% would be transactions.”
“A lot of people take a long term macro view on bitcoin, a 10 or 20 year view on it, so we are on a broader macrocycle for cryptocurrencies,” he added.
“Some people might be using bitcoin as a safe haven, that’s probably in the minority when you compare it to gold, but as an alternative investment, it does make sense putting a tiny amount of money into bitcoin, it’s high risk but the returns could be astronomical.”