Luno a South African Bit Coin platform has announced it’s expansion across 35 new markets in Europe plus a One hundred and Twenty Million Rands Series B Funding round led by Balderton Capital Firm in London along side Rand Merchant Investments through it’s Fintech Investment Arm, Alpha Code and Digital Currency Group.
Luno a foremost leading South African Bit Coin platform allows users to trade in digital currencies across South Africa and now with a launch in Europe.
Prior to this Series B funding was in 2015 the announcement of Luno’s 60 Million Rands Series A round which was led by the then new tech giants; Naspers. Luno’s CEO Marcus Swanepoel declined to reveal the exact size of the stake in the company that investors had taken, he said “the investment is for a minority stake of between 10% and 25%”
Marcus Swanepoel talking about the investment said ” it would help double staff headcount from the current 70 in offices in London, Singapore and Cape Town. Most of the new positions will be in the startup’s Cape Town office. The company has already posted job ads for some of the positions on its website”
He also said “The funding will help improve users experience through, for example the development of new funding methods, faster and better onboarding”.
Swanepoel explained that the company’s different offices help it to be closer to its customers and as bitcoin apps in each jurisdiction are different, while regulations are also unique to each jurisdiction. In addition, staff can better interact with stakeholders in each jurisdiction through the various fintech events held there.
In a press release Luno’s CEO; Swanepoel said the company had seen an “unprecedented demand” in Europe, not just for digital currency, but also for the company’s other products, in particular the Luno mobile apps.
He said the partnership with Rand Merchant Bank will enable Luno to unlock more value for our customers in South Africa by providing products that are safe, easy to access and use, and all in a regulatory compliant manner.
. This is no doubt a custormer estimable act by the foremost South African Bit Coin platform: Luno. And re-iterating this is Marcus Swanepoel the CEO’s saying that ” China’s ban earlier this month of initial coin offerings (ICOs) is unlikely to affect bitcoin sales in the long term — while the volatility may in fact benefit bitcoin platforms ” Marcus Swanepoel.