Photo credit: AppsAfrica
The New York-based firm Digital Currency Group, which is one of the biggest investing in blockchain companies, has acquired the British-multinational crypto and digital asset exchange - Luno. This acquisition plans to establish Luno's presence as a crypto exchange in Africa, Asia, Europe, and regions where it has not yet operated.
Digital Currency Group acquires crypto exchange Luno for an undisclosed sumhttps://t.co/D25DCCCIw7— The Block (@TheBlock__) September 9, 2020
In an official statement released Wednesday, Digital Currency Group (DCG) said that they plan to help Luno expand globally, both in geographies where it currently operates and beyond, by making a “significant financial commitment.” The press release by both companies did not disclose any details concerning the deal’s financial terms. However, it stated that the now wholly-owned subsidiary of DCG, Luno, will continue to operate independently joining other DCG’s subsidiaries – recently launched Foundry, Grayscale Investments, Genesis, and CoinDesk.
Luno’s co-founder and CEO Marcus Swanepoel said that DCG became an “integral part” of Luno since its initial investment in 2014. The CEO added that the seven-year journey of the company following its establishment in 2013 has been “incredibly exciting” as it helps millions of its customers get access to crypto for the first time.
Luno is thrilled to announce that we’ve been acquired by Digital Currency Group (@DCGco).— Luno (@lunomoney) September 9, 2020
This is an exciting new chapter in Luno’s mission to help upgrade the world to a new financial system. Find out more about what this means for you ⤵️https://t.co/oRDNEhQm4a pic.twitter.com/T2cq3RUACa
Swanepoel shared that, “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.” His firm currently has Naspers Group and Balderton Capital to back up its operations as it continues offering exchange services in South Africa, Nigeria, Indonesia, and Malaysia, countries where cryptocurrency ownership is high.
So which country should @lunomoney expand to next?— Barry Silbert (@barrysilbert) September 9, 2020
DCG founder and CEO Barry Silbert told BusinessWire that “Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions.” The CEO said that DCG “have been extremely impressed with Marcus and the Luno team,” since their first seed of investment. For him, Luno will blend into the DCG organization because it understands their firm’s culture. He described Marcus as “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.”
The Digital Currency Group today sits at the epicenter of the industry, backing more than 160 companies in 35 countries, as it also invests directly in digital currencies and other digital assets, according to Cointelegraph.