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Africa Biggest Crypto Exchange Seeks US Expansion

Africa Biggest Crypto Exchange Seeks US Expansion

Digital Currency Group-owned Luno studying state regulations Luno may add new coins to serve its 9 million worldwide users

Africa’s largest cryptocurrency exchange is looking for a foothold in the U.S., the latest international platform to try and tap one of the world’s biggest populations of digital-asset investors.

Owned by conglomerate Digital Currency Group Inc., Luno is assessing regulatory regimes in all 50 states to allow for its rollout in the course of the year, Marius Reitz, its general manager for Africa, said in an interview.

“It is more complex than launching in an individual market because of the different states and different regulations within each of these states, so there’s lots of moving parts,” Reitz said. “But it is a company focus for us for 2022.”

A number of fast-growing cryptocurrency exchange brands — such as FTX and Binance — have been moving into the U.S. market. The world’s biggest economy is home to more than half of the world’s crypto unicorns, according to CB Insights. A unicorn is a private startup that’s achieved a valuation of at least $1 billion.

Founded in 2013, Luno has 9 million users from Asia to Africa. It currently offers trading in tokens including Bitcoin, Ethereum and Ripple — and could soon add new coins chosen from the world’s 10 most liquid cryptocurrencies, Reitz said.

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“A lot of the operation time goes into security and custody” when choosing a coin, he said.

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