Digital Currency Group has acquired cryptocurrency exchange Luno

Digital Currency Group (DCG) has acquired the cryptocurrency exchange Luno after providing initial seed funding to the platform in 2014.

DCG said UK-based Luno has grown “significantly” in recent years, and the acquisition will help them further expand globally. DCG is set to make a “significant financial commitment” to Luno. DCG did not reveal the financial terms of the deal.

Luno is also the first cryptocurrency exchange in Malaysia to be fully approved by the Securities Commission (SC). Since then, the exchange has spread its roots across 40 countries and currently boasts of more than five million registered users on its platform. Most traffic of Luno came from South Africa (50%), Malaysia, Nigeria, the United States, and Indonesia.

“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.”

Based in New York,  Digital Currency Group currently backs more than 160 companies in 35 countries. It also fully owns the world’s largest digital asset management company Grayscale Investments and Coindesk.

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