Luno has announced that has registered over 5 million customers in over 40 countries and has now made its platform available in Australia. The launch comes shortly after the crypto exchange revealed it would also be available in the UK.
Marius Reitz, Luno’s GM for Africa, says that key factors in the decision to enter the Australian market also included the young age of the population as well as disposable income.
“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.”
Australia has seen a five-fold increase in the number of fintech companies in the past five years. Almost 60% of the digitally active adults in the country are considered fintech adopters. While there are crypto exchanges operating in Australia, they tend to be quite complex and serve a niche of tech-savvy traders.
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“We identified an opportunity due to the relative complexity of their cryptocurrency landscape. Luno’s platform is a simple, easy and safe way for average and starter crypto investors to buy crypto – new customers can go through our digital KYC (know your customer) process and complete their first transaction within a few minutes. We have a distinct focus on helping our customers to learn more about the future of money and cryptocurrencies,” says Reitz.
Reitz says that Australians display positive sentiments towards cryptocurrency. “Australia’s Independent Reserve Cryptocurrency Index (IRCI) estimates that at the current rate of adoption, more than 50% of Australians under 34 will own crypto in the next five years. A third of regular investors spend $100 – $500 per month on crypto.”
Meanwhile, the regulatory environment is a further bullish indicator. 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 (AUSTRAC), the country’s financial intelligence agency and anti-money laundering regulator, 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,” says Reitz.
