NEW YORK-Thursday 10 September 2020 [ AETOS Wire ]
DCG will help fuel Luno’s global growth in Africa, Asia, Europe, and beyond
Luno will continue to operate as an independent, wholly-owned subsidiary of DCG
(BUSINESS
WIRE)-- Digital Currency Group (DCG), a global enterprise that builds,
buys, and invests in blockchain companies, today announced the
acquisition of Luno, a leading cryptocurrency exchange. Based in London
and with regional hubs in Singapore and Cape Town, Luno has grown
significantly in recent years, with nearly 400 employees and more than
five million global customers spanning over 40 countries. New York-based
DCG will be making a significant financial commitment to help Luno
expand globally, both in geographies where Luno currently operates and
beyond. Financial terms of the deal were not disclosed.
Led by
co-founder and CEO Marcus Swanepoel, Luno has become a digital asset
powerhouse in many emerging and frontier markets, providing digital
asset education, knowledge, and investment tools for individuals in
Africa, Asia, and Europe. Luno has helped broaden the global crypto
investment community and the company has seen record growth of its
customer base in 2020. Luno is a leading exchange in several countries
that have the highest percentage of cryptocurrency ownership, including
South Africa (third-highest percentage of its citizens owning digital
currencies), Nigeria (fifth-highest), Indonesia (sixth-highest), and
Malaysia (tenth-highest).1
DCG is an investment firm that has
backed more than 160 blockchain companies around the world. In addition
to its venture portfolio, DCG is the parent company of several
wholly-owned subsidiaries, including Grayscale Investments (the world’s
largest digital currency asset manager), Genesis (a leading digital
asset prime brokerage), CoinDesk (the preeminent media and events
company in the industry), and the recently-launched Foundry, which
provides institutional expertise, capital, and market intelligence to
bitcoin miners and manufacturers.
DCG first invested in Luno in its seed round in 2014.
“We
are proud to have supported Luno as an early investor, and we recognize
a shared commitment to building mission-driven companies that can help
transform traditional financial services and improve economic freedom
for people all over the world,” said DCG Founder and CEO Barry Silbert.
“Luno is a high growth, global business and there is a massive
opportunity to expand organically and through acquisitions.”
DCG
enables its subsidiaries to operate as independent companies, providing
leadership, partnership, and investment capital to help scale the
businesses. The Luno leadership team will remain entirely intact and
Swanepoel will lead acquisition efforts in his role as CEO.
“The
past seven years have been an incredibly exciting journey for Luno –
helping millions of our customers get access to crypto for the first
time,” said Swanepoel. “DCG has been an integral part of the Luno story
during all of this time, and we’ve been fully aligned on our vision and
culture since day one. Having the full backing of DCG just as we’re
experiencing such a pivotal moment of growth in the industry is not just
an exciting and important milestone for Luno, but more importantly it
will significantly accelerate our ability to reach our goal to help
upgrade 1 billion people to a better financial system by 2030.”
“We
have been extremely impressed with Marcus and the Luno team since we
made our initial investment,” added Silbert. “Marcus understands our
culture and appreciates how well Luno fits into the DCG family. He is a
focused, high integrity leader and exactly the kind of person we want
running one of our companies at this critical moment when the crypto
industry is at an inflection point.”
Founded in 2013, Luno has
been backed by global tech giant the Naspers Group and Balderton Capital
amongst others. During these last seven years, Luno has maintained its
commitment to upgrading the world to a better financial system. The
company believes that the legacy system was built for a non-digital age,
ignoring the needs of modern individuals and adding unnecessary
inefficiencies and gatekeepers. The world now has access to new
technologies like Bitcoin and Ethereum that will fundamentally change
how the world views and uses money. Like communication evolving from
landlines to mobile phones, money is finally catching up with other
information revolutions.
Luno maintains regional offices in Kuala
Lumpur, Lagos, Jakarta, and Johannesburg, and will continue to focus on
the existing geographies where it operates across Europe, Africa, and
Asia. The Luno team has also developed an aggressive road map for future
growth and will ultimately compete with financial services firms
globally. Luno is actively hiring for positions all over the world.
About Digital Currency Group
DCG
is a global enterprise that builds, buys, and invests in blockchain
companies all over the world. Founded in 2015 by CEO Barry Silbert, DCG
is the most active investor in the blockchain sector, with a mission to
accelerate the development of a better financial system through the
proliferation of digital assets and blockchain technology.
Today,
DCG sits at the epicenter of the industry, backing more than 160
companies in 35 countries. DCG also invests directly in digital
currencies and other digital assets.
In addition to its investment portfolio, DCG is the parent company of Grayscale Investments, Genesis, CoinDesk, and Foundry.
About Luno
Luno is a leading global cryptocurrency company on a mission to upgrade the world to a better financial system.
Co-founded
by CEO Marcus Swanepoel and CTO Timothy Stranex, Luno launched in 2013
and has built a team of nearly 400 with its headquarters in London with
regional hubs in Singapore and Cape Town. With over 5 million customers
spanning in over 40 countries, Luno’s products and services make it safe
and easy to buy, sell, store and learn about cryptocurrencies like
Bitcoin and Ethereum.
1 Source: Digital 2020: Global Digital Overview
View source version on businesswire.com: https://www.businesswire.com/news/home/20200909005262/en/
Contacts
Mark Murphy
press@dcg.co
Roopa Ramaiya
roopa@luno.com
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Friday, September 11, 2020
Digital Currency Group Acquires Luno, a Leading Bitcoin and Digital Asset Exchange
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