JOHANNESBURG - South African founded Luno, the country’s largest cryptocurrency exchange, has been acquired by Digital Currency Group (DCG), a global company that builds, buys and invests in blockchain companies.
Luno began in South Africa in 2013. It now has five million customers in more than 40 countries as well as almost 400 employees based in London, Singapore and South Africa.
New York-based DCG would be making a significant commitment to help Luno expand globally, both in geographies where Luno currently operates and beyond, a statement said yesterday. Financial terms of the deal were not disclosed.
Led by co-founder and chief executive Marcus Swanepoel, Luno had 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. It experienced record growth of its customer base this year, the statement said.
DCG is an investment firm that has backed more than 160 blockchain companies around the world.
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.
The Luno leadership team will remain intact and Swanepoel will lead acquisition efforts in his role as Cheif Executive.
BUSINESS REPORT ONLINE