African Crypto Exchange Luno Explores US Push

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As the largest cryptocurrency exchange in Africa, Luno seeks to introduce its offerings to some of the largest segments of digital asset investors in the world – those from the United States.

Luno is busy scouring every US state to dig into regulatory requirements and differences with the aim of entering the country with its exchange in 2022, Marius Reitz, managing director for Africa at Luno, told Bloomberg.

Reitz pointed to variables among states that make the task particularly difficult in relation to moving to a single market. Regardless of the challenges, he told Bloomberg that Luno is focused on arriving in the United States this year.

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Launched in 2013 and based in London and with regional hubs in Singapore and Cape Town, Luno was co-founded by CEO Marcus Swanepoel, CFO Alwyn Jones and CTO Timothy Stranex. Formerly known as BitX, Luno was acquired in 2020 by Digital Currency Group.

Luno has more than 9 million users in more than 40 countries and has processed more than $14 billion in transactions, according to company documents. The company trades bitcoin, ethereum and ripple, with new coins coming soon, Reitz told the outlet.

Almost a fifth of the population of Nigeria and South Africa owns digital assets. It is in the areas where cryptocurrency has taken hold and spread. Reitz told Bloomberg that there are also untapped opportunities in East Africa.

Read more: South Africa urges caution on Crypto Exchange FTX

FTX and Binance are just a few of the crypto exchange brands heading to the United States, where data from CB Insights shows that over 50% of the world’s crypto unicorns reside.

Reitz believes cryptocurrency exchange-traded funds — where investors can hold many coins without buying them — will crash in the next 24 months, according to the report.

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