Luno has made investment in the global cryptocurrency platform easier as it allows customers to buy Ethereum on its exchange using Nigerian Naira, breaking the barrier of buying using Bitcoin or its instant-buy option.
General Manager for Africa, Luno Ethereum, Marius Reitz, explained that the currency has become a very popular cryptocurrency in Nigeria as its activities on cryptocurrency exchanges in Nigeria suggest there is higher Ethereum liquidity in the local market than in South Africa and that the 24-hour volume of cryptocurrency markets in Nigeria is highly competitive.
He says, “Nigerians are increasingly aware of the various benefits and applications of Ethereum, and cryptocurrencies in general. As a result, making it easier, cheaper and faster for Nigerians to buy and sell Ethereum will only serve as a catalyst for connecting more people to these benefits and applications. We are excited to be at the forefront of making this happen.”
According to him, a recent survey of cryptocurrency awareness in Nigeria found that Ethereum was only second to Bitcoin as the most well-known asset among cryptocurrencies in Nigeria and 30% of people surveyed said they owned Ethereum, compared to 80% for Bitcoin, 23% for Bitcoin Cash and 22% for Litecoin.
Ethereum is a public, peer-to-peer network or blockchain with its own cryptocurrency called Ether. Created by Vitalik Buterin in 2014, it was designed to be a platform on which smart contracts can be built and run.
Many experts view Ethereum as more than just a cryptocurrency and foresee a world where a wide variety of applications are built and run on the Ethereum blockchain. It is the second-largest cryptocurrency by market cap, and its practical applications are vast in comparison to others.
Luno is a leading global cryptocurrency company on a mission to upgrade the world to a better financial system. It currently has its headquarters in London with regional hubs in Singapore and Johannesburg and a team of over 290.
With three million customers (wallets) spanning 40 countries, Luno’s products and services make it safe and easy to buy, store and learn about cryptocurrencies like Bitcoin, Ethereum and Bitcoin Cash.
Co-founded by CEO Marcus Swanepoel and CTO Timothy Stranex, Luno has raised over $13m in funding since launch in 2015 and is backed by global tech giant the Naspers Group and Rand Merchant Investment Holdings.