Crypto platform Luno user base grows to 7 million, targets 1 billion by 2030

Luno, a digital currency company based in the United Kingdom, reported that its user base is now 7 million, a significant growth from its acquisition of 6 million new users in January of last year.

Luno reported that the number of app downloads and installs rose by 60% compared to its December 2020 statistics. This translates to more than 300% growth since January 2020 for the digital wallet.

Luno co-founder and chief executive officer Marcus Swanepoel commented that while the Luno Bitcoin Wallet has been gaining traction since its inception in 2013, the recent acceleration rate has been unheard of in the company’s history.

Acceleration and User Base

The acceleration rate that Luno has experienced thus far can be attributed to the surge of Bitcoin prices as of late. The successive appreciation of Bitcoin has made it a sought-after global investment asset.

Luno reported a commanding presence in Africa, with 4.7 million (67%) of its more than 7-million user-base coming from the continent. The popularity of digital currencies, Bitcoin, in particular, has driven Luno’s African user base from 2.3 million a year ago to its current numbers.

Installs across Africa have seen a huge boost, charting a 271% year-on-year growth. Trading volumes also rose to $7 billion from $555 million, a 12-fold increase since January 2020.

A Billion Users by 2030

Swanepoel recently came on record and said that Luno is looking to grow its user base to a billion by 2030.

In fact, Luno’s 2014 acquisition by Digital Currency Group, a crypto-focused venture capital company, was influenced by its executives’ intent to further scale.

“The first five to six years for us was on a small scale and now, we want to go big,” said the Luno CEO, who then proceeded to praise DCG’s help in this effort.

 

Image courtesy of Liza Summer/Pexels

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