Here’s Why the Luno Usage Skyrocketed in Africa

The crypto has seen a surge in its usage as more and more institutional investors are starting to adopt bitcoin due to its ability to maintain its value despite depreciations lately. 2020 was the year of cryptocurrency adoption as the users of cryptocurrency reached 100 million in Q3 2020. It has been disclosed that Luno has acquired the attention of 6 million clients from January 2020 to January 2021.

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The UK-based firm has experienced a huge surge in the last seven years. But this is the first time Luno has got a huge number of customers. The survey has proved that 54% of Africans were willing to embrace a single global digital currency, in comparison with the 41% for Asia and 35% for Europe.

Reason in Luno Surge

Currently, the spike in the usage of Luno is because of various reasons. Normally, we often heard about the adoption of crypto-by-crypto fanatics and concerns from formal competitors like BNY Mellon, Mastercard, and Tesla, it is a long shot before it becomes normal. Currently, its main purpose is an investment. It increases the investment opportunities because of its ability to maintaining its value.

The investment is the only reason that has increased its popularity among Africans. Africans are deemed as the large population that has been adopting Luno and become the reason for its surge. If we look at the popularity of Luno in Africa, we have witnessed that out of 7 million users of Luno 4.7 million people are Africans. This is a huge number that shows the popularity of Crypto in Africa.

Luno in Africa

It has been disclosed that the downloading of the Luno app across the continent has skyrocketed by 271% within this time period. Its trading volumes surged 12x, from $555 million to $7 billion. For perspective, Luno did $8.3 billion in total trading volume. 

Additionally, there is no doubt in this fact that Luno has played a crucial role as one of the first platforms to boost the crypto marketplace experience by incorporating local currencies. It also contributed to set the foundation for informing people on digital exchanges. 

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