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Luno (company)

From EverybodyWiki Bios & Wiki







Luno
Type of businessPrivate
Founded2013
Area served40 countries
Founder(s)Timothy Stranex, Marcus Swanepoel, Carel van Wyk, and Pieter Heyns
IndustryCryptocurrency
ProductsBitcoin, Ethereum, exchange of other digital currencies
Websitewww.luno.com
Users7m+

LUNO is a London-based digital currency exchange[1] that brokers exchanges of cryptocurrencies including Bitcoin, Ethereum, XRP, and other digital currencies.[2][3][4] It was founded in 2013 by Timothy Stranex and as of 2021 operates across 40 countries. Luno was the first cryptocurrency exchange to open operations in Africa[5][6] and the first to be fully licensed in Malaysia.[7][8]

History[edit]

Luno was founded in 2013 by Timothy Stranex, a former software engineer at Google, former investment banker Marcus Swanepoel, Carel van Wyk, and Pieter Heyns.[9] In 2014, Luno completed an SGD $1m (USD $824,000) seed funding round, before raising USD $4m in 2015 through a Series A funding round led by Naspers, with additional funding by the Digital Currency Group and Venturra. [10]

In September 2017, Luno raised a further $9 million in order to introduce its bitcoin wallet, exchange and services in Europe, with additional funding by Rand Merchant Investment Holdings and the Digital Currency Group.[11]

In 2018, Luno won the Tech5 award for the UK's fastest-growing tech company[12]. In 2019, it announced plans to significantly expand its operations in South Africa.[13]

In October 2020, Luno launched its Bitcoin Savings Wallet.[14]

In December 2020, Luno was one of a number of cryptocurrency platforms to run major promotional campaigns across London[15]–a move that drew criticism from the Financial Conduct Authority. Luno was cited by the Advertising Standards Authority for the adverts and subsequently forced to remove the adverts.[16][17][18][19][20][21]

In March 2021, Luno appointed former Monzo CFO Alwyn Jones as Chief Financial Officer.[22][23][24]

Luno has operations in 40 countries including Indonesia, Australia, Malaysia, Nigeria, South Africa, Singapore and 34 other European countries.

Luno reached 4 million users in 2019 and 7 million in 2021.[25][26]

Investments[edit]

Luno announced another investment round in September 2020, in which Digital Currency Group[27] became the majority shareholder.[28][29][30] Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market. It is located in New York City[31] and also owns global media platform CoinDesk[32], crypto lending platform Genesis, cryptocurrency mining company Foundry, and digital currency asset manager Grayscale.[33]

References[edit]

  1. ↑ Heathman, Amelia (2018-08-15). "Crypto start-up Luno wants to prove bitcoin is for everyone". www.standard.co.uk. Retrieved 2021-04-11.
  2. ↑ "Luno crypto platform adds US dollar stablecoin". Ventureburn. 2021-02-02. Retrieved 2021-04-11.
  3. ↑ "Crypto exchange Luno set to list XRP on its platform after receiving regulatory nod". The Block. Retrieved 2021-04-11.
  4. ↑ Writer, Staff. "Luno now supports Ethereum in South Africa". Retrieved 2021-04-11.
  5. ↑ "Africa could be the next frontier for cryptocurrency". Africa Renewal. 2018-04-06. Retrieved 2021-04-11.
  6. ↑ McDougall, Eleni Giokos and Mary (2018-02-14). "Africa's first bitcoin exchange targets 1 billion users". CNNMoney. Retrieved 2021-04-11.
  7. ↑ "List of Registered Digital Asset Exchanges - Recognized Markets (ECF, P2P, DAX, PCF and E-SERVICES) | Securities Commission Malaysia". www.sc.com.my. Retrieved 2021-04-11.
  8. ↑ Ker, Nic. "Malaysia's first fully approved cryptocurrency wallet Luno is now live | Malay Mail". www.malaymail.com. Retrieved 2021-04-11.
  9. ↑ Heathman, Amelia (2018-08-15). "Crypto start-up Luno wants to prove bitcoin is for everyone". www.standard.co.uk. Retrieved 2021-04-11.
  10. ↑ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2021-04-11.
  11. ↑ "Luno raises $9M to bring its bitcoin wallet, exchange and services to Europe". TechCrunch. Retrieved 2021-04-11.
  12. ↑ "Tech5 2020". Tech5 2020. Retrieved 2021-04-11.
  13. ↑ "Naspers-Backed Crypto Platform Luno Starts African Hiring Spree". Bloomberg.com. 2019-06-22. Retrieved 2021-04-11.
  14. ↑ "Luno now offers 4% interest on bitcoin – but you risk losing all your BTC". BusinessInsider. Retrieved 2021-04-11.
  15. ↑ "Bitcoin Exchanges Flood London's Metro With Adverts". CoinDesk. 2020-12-14. Retrieved 2021-04-11.
  16. ↑ "Luno forced to amend 'misleading' UK cryptocurrency adverts". Financial Times.
  17. ↑ "Bitcoin 'time to buy' ad banned in the UK for being irresponsible". CNBC.
  18. ↑ "'Time to buy' bitcoin adverts banned in UK for being irresponsible". The Guardian.
  19. ↑ "Bitcoin: Advert claiming it's 'time to buy' crypto is banned in UK". Independent.
  20. ↑ "Bitcoin: 'Irresponsible' poster adverts seen in London banned by regulator". Sky News.
  21. ↑ "'Irresponsible' London Underground Bitcoin advert banned". BBC.
  22. ↑ "Monzo finance chief leaves for crypto platform Luno". CityAM. 2021-04-01. Retrieved 2021-04-11.
  23. ↑ "Crypto Exchange Luno Hires CFO of Digital Banking Giant Monzo". uk.finance.yahoo.com. Retrieved 2021-04-11.
  24. ↑ "Crypto firm Luno appoints new CFO". www.msn.com. Retrieved 2021-04-11.
  25. ↑ "Luno hits 7 million customer milestone". www.iol.co.za. Retrieved 2021-04-11.
  26. ↑ "Cryptocurrency platform Luno reaches over 4 million users". Ventureburn. 2020-05-13. Retrieved 2021-04-11.
  27. ↑ "The Case of the LVMH Letter". The New York Times. 2020-09-10. ISSN 0362-4331. Retrieved 2021-04-11.
  28. ↑ Bambrough, Billy. "Digital Currency Group Reveals Sudden Acquisition Of Bitcoin And Crypto Exchange Luno". Forbes. Retrieved 2021-04-11.
  29. ↑ "Digital Currency Group Acquires Luno, a Leading Bitcoin and Digital Asset Exchange". news.yahoo.com. Retrieved 2021-04-11.
  30. ↑ "Naspers-Backed Crypto Luno Acquired by Digital Currency Group". Bloomberg.com. 2020-09-09. Retrieved 2021-04-11.
  31. ↑ Vigna, Paul (2016-04-28). "Bitcoin-Focused Investment Firm Brings On Western Union, Lawrence Summers". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-04-11.
  32. ↑ "CoinDesk Gets Acquired By Digital Currency Group". TechCrunch. Retrieved 2021-04-11.
  33. ↑ "Barry Silbert Launches Digital Currency Group With Funding From MasterCard, Others". TechCrunch. Retrieved 2021-04-11.

External links[edit]


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