Since its humble beginnings here in South Africa, Luno has grown to boast five million customers and today it has announced that the platform will be available to Australians.
This announcement comes off of the back of Luno launches in Zambia, Uganda and the UK.
“Our African expansion is moving steadily forward and we recently launched in Zambia and Uganda. Luno is on an expansion drive and the Australian crypto landscape ticked many of the boxes on our checklist,” general manager for Luno in Africa, Marius Reitz said in a statement.
Cryptocurrency is surprisingly popular in Australia.
Bitcoin can be purchased at 3 500 post offices in the country. You can even buy a drink using Bitcoin at vending machines in either Australia or New Zealand.
But of course, Luno is eyeing the potential it has to bring more users to its platform and the Australian market is primed for it.
“Australia’s Independent Reserve Cryptocurrency Index (IRCI) estimates that at the current rate of adoption, more than 50 percent of Australians under 34 will own crypto in the next five years. A third of regular investors spend $100 – $500 [~R1 235 – ~R6 177] per month on crypto,” says Reitz.
Regulations in the country are also very receptive to cryptocurrency. The Reserve Bank of Australia has run a proof-of-concept for a wholesale central bank digital currency while the Australian Transaction Reports and Analysis Centre has been regulating the crypto industry since April 2018.
“We believe that regulation is an important catalyst for broader cryptocurrency adoption. Luno welcomes regulation as it will provide consumers and professional service providers, such as banks and auditing firms, with the comfort that the company they are dealing with is held to defined regulatory standards,” the Luno Africa GM adds.
For South Africans who have family or friends in Australia, you can earn a few Bitcoin by referring them to Luno. Simply use the Invite A Friend feature in the Luno app and you will both receive Bitcoin to the value of AUS$20 (around R240 says Luno) or if your friends or family are in the UK you can invite them and earn the same amount while they earn £10 and you get R240.