South African cryptocurrency exchange Luno has eclipsed a new milestone in its user base, and reports a flood of interest and trade volume coming out of the region.

Strong Crypto Market in South Africa

According to a report published on Sept. 10, Luno now has more than three million wallets spread across 40 countries. In addition, the exchange claims to have processed more than $5 million per day in crypto during the month of August, with a surge of customers joining the platform throughout 2019. 

Marius Reitz, general manager of Luno’s African division, says that South Africa is a hotbed for cryptocurrency growth and that the population is taking a keen interest in cryptoassets. 

He said, 

In the last month, more than R80 million [$5.4 million] worth of cryptocurrency trades have been completed on Luno’s South African platform on a daily basis.

Reitz continued, 

South Africa is one of our strongest markets and appetite for cryptocurrency trades is still growing – we are seeing new Luno customers learning about and buying cryptocurrencies every day.

Luno’s GM said that reaching three million wallets represented a significant milestone for the platform, despite falling well short of a competitor like which boasts more than 41 million wallet addresses. 

Nonetheless, Reitz is optimistic about future growth for the industry of crypto, 

Reaching three million wallets demonstrates the growing adoption of cryptocurrencies across the globe and reinforces our aim of reimagining a financial system where money is cheaper, faster and safer with open and equal access for everyone.

While the company is now headquartered in London, Luno was originally founded in 2013 by two South Africans: former investment banker Marcus Swanepoel and previous Google software engineer Timothy Stranex. 

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