Digital Currency Group Acquires Luno for an Undisclosed Sum

Digital Currency Group (DCG), a global enterprise that is focused on investing, building, and buying blockchain companies, has recently completed its acquisition of one of the world’s leading cryptocurrency exchange, Luno.

In an official announcement by Luno on Wednesday, CEO and co-founder Marcus Swanepoel expressed his happiness at the acquisition of the exchange by the New York-based investment firm. It still remains unclear, though, as to how much the company was bought.

Swanepoel stated that DCG had been one of Luno’s earliest investors, participating in both the company’s series A and B round of funding back in 2014 and has been of great help to the exchange.

Ever since its launch in 2013, Luno has been committed to improving the way people view money and to increase the adoption of digital currencies in several countries around the world. 

During the past seven years of its existence, Luno has been able to stick to its commitment to upgrading the financial system in the world. It is not surprising, therefore, to see the massive growth that the exchange has witnessed in recent years.

Luno currently has more than five million users across over 40 countries. It is also the top cryptocurrency exchange in countries where the number of traders is very high, such as South Africa, Nigeria, and Malaysia.

Speaking further on the acquisition, Luno’s CEO said, ” It’s incredibly exciting to now be able to work together more closely to achieve this and build one of the world’s most important financial services companies… It will enable us to reach our target of upgrading 1 billion people to a better financial system by 2030, a target we set for ourselves a few years ago, faster and better than if we did it completely on our own.”

DCG allows its subsidiaries to operate as independent companies. This means Luno will continue to be an independent wholly-owned subsidiary of DCG, with its leadership team still intact.

With the completion of the acquisition, Luno is now the fifth wholly-owned subsidiary of DCG, joining the likes of Grayscale, Genesis, Coindesk, and the recently launched Foundry.

See Also: ConsenSys Acquires JP Morgan’s Blockchain Platform Quorum



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