Luno acquired by Digital Currency Group in the U.S

South Africa's largest cryptocurrency exchange, Luno, has recently made headlines with its acquisition by Digital Currency Group (DCG), a leading blockchain investor based in the U.S. The acquisition marks a significant milestone for Luno, which was founded in 2013 and has since expanded its reach to over 40 countries, serving five million customers worldwide. The deal, while unexpected for many, has been described by Marcus Swanepoel, Co-Founder and CEO of Luno, as a strategic move to accelerate the company's vision of upgrading the world to a more inclusive financial system. In a recent interview with CNBC Africa, Swanepoel shed light on the acquisition and what it means for the future of Luno and its customers. One of the key points highlighted in the interview was the long-standing relationship between Luno and DCG. Swanepoel revealed that DCG was Luno's first investor and emphasized the cultural alignment between the two companies, making the acquisition a natural progression in their partnership. The acquisition price was not disclosed, but Swanepoel reassured that it was a mutually beneficial deal for all parties involved. With DCG now owning 100% of Luno, Swanepoel reiterated his commitment to remaining as CEO and driving the company's growth for the next generation. He also mentioned that Luno will continue to operate independently under the DCG umbrella, maintaining its brand, team, and customer experience. The acquisition opens up new opportunities for Luno to expand its product offerings and enter new markets at a faster pace. Swanepoel expressed excitement about the potential for future acquisitions and collaborations within the DCG ecosystem. The deal is expected to enhance trust and credibility among existing Luno customers, as DCG's reputation in the industry brings added value to the partnership. In terms of customer growth, Luno has experienced a record year in onboarding new clients, coinciding with the surge in Bitcoin prices. Swanepoel attributed this increased interest in the cryptocurrency space to a growing awareness of the importance of diversified investments and wealth preservation. With global economic uncertainty and the impact of the COVID-19 pandemic, more individuals are turning to alternative assets like cryptocurrencies to hedge against inflation and generate returns. Institutional investors are also taking notice of the potential of cryptocurrencies, further driving growth and adoption in the market. Looking ahead, Swanepoel anticipates continued growth and adoption of cryptocurrencies, fueled by a combination of consumer education, institutional investment, and evolving market dynamics. The acquisition by DCG positions Luno for a new phase of growth and innovation, solidifying its presence in the global cryptocurrency market.