Currencies

DCG Acquires Luno Crypto Exchange

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Digital Currency Group (DCG), a blockchain-focused investment firm, has announced on Wednesday the acquisition of cryptocurrency exchange Luno, thus entering into the retail crypto trading arena. The financials of the deal have not been disclosed.

CG (Digital Currency Group), an investment company specialising in Blockchain oriented projects has announced today it's acquisition of London crypto exchange Luno. Although based in London, the exchange claims to have a significant user base across the globe, with Singapore and South Africa notable territories in a suggested user base of 5 million.

CEO of DCG Barrie Silbert said “We are proud to have supported Luno as an early investor, and we recognize a shared commitment to building mission-driven companies that can help transform traditional financial services and improve economic freedom for people all over the world. Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions.”

Previously the exchange was BitX and secured funding from DCG, among others such as Balderton Capital.

Obviously looking for expansion, New York based DCG will utilise Luno alongside existing companies Greyscale Investments, Genesis and Foundry.

“Having the full backing of DCG just as we’re experiencing such a pivotal moment of growth in the industry is not just an exciting and important milestone for Luno, but more importantly it will significantly accelerate our ability to reach our goal to help upgrade 1 billion people to a better financial system by 2030,” Luno’s CEO Marcus Swanepoel said.

Luno is often not talked about much in the West as a leading exchange, it will be interesting to see how this acquisition supports it's developments to take on major exchanges like Binance.


Posted 
Sep 9, 2020
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