Digital Currency Group (DCG) has acquired Luno, a digital asset exchange, according to a note from the company. Based in London and with regional hubs in Singapore and Cape Town, Luno is said to currently employ around 400 employees – serving over five million global customers. Terms of the deal were not disclosed. DGC first invested in Luno back in 2014.
Following the acquisition, the Luno leadership team will remain entirely intact with co-founder and CEO Marcus Swanepoel staying at the helm – including working on acquisitions.
DGC is the parent company of multiple blockchain-focused firms including Grayscale Investments, Genesis, Foundry, and CoinDesk.
DCG says it will be making a significant financial commitment to help Luno expand globally.
According to DCG, Luno is a leading exchange in several countries that have a high 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).
“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. Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions.”
Swanepoel said that DCG has been an integral part of Luno with an aligned vision and culture on 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.”
Founded in 2013, Luno has been backed by the Naspers Group and Balderton Capital amongst others.
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.