Africa’s Pioneer Exchange Firm Targets 1 Billion Users by 2025
Bitcoin may be facing a massive decline in the global digital money market in 2018, but a cryptocurrency Exchange company is still optimistic about its long-term prospects.
Luno, founded in South Africa in 2013, is planning to become one of the leading cryptocurrency traders in the world. It is pursuing major expansion plans for the foreseeable future. Luno says it is optimistic that the tides will eventually turn and that the economy of the crypto will develop positively.
The firm has developed substantially over the last five years. It began building systems for banks before switching its focus to consumers. Luno has a plan that could outshine even larger companies with more market share; the firm plans to expand its workforce team from 70 to 300 as they aim to build a user base of one billion customers by 2025.
“There are very few industries in the world to say that this is an achievable goal, but because Bitcoin is so open and global, it’s really an achievable goal and we’re looking forward to the sequel.” said Luno founder and CEO Marcus Swanepoel.
As the leading cryptocurrency market in Africa, Luno always has a decisive lead in the market. The CEO estimates that he still has about 1.5 million customers in 40 countries, most of which are emerging markets.
Founded by a small team of IT and financial services companies, Luno is now backed by a number of leading investors, including Naspers. The company is currently based in Singapore to meet the ever-growing needs of crypto investors in Southeast Asia.
The company has attributed much of its success to its South African roots and experience in other African countries like Nigeria where most internet users are mobile.
“Unlike other companies, because we originally set up in Africa, we have truly developed mobile products,” said Swanepoel, adding that this benefit gave Luno an advantage over its global competitors.
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