DCG Acquires Crypto Exchange Luno for an Undisclosed Sum

Digital Currency Group (DCG), a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-focused investment firm, has announced the acquisition of cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Luno today, thus entering into the retail crypto trading arena.

Previously known as BitX, the exchange was established in 2013 and now has an extensive presence across markets in Asia, Africa, and Europe. Headquartered in London, Luno maintains multiple regional hubs in Singapore and Cape Town, among others.

According to the exchange, it has a customer base of 5 million traders across 40 countries and employs a total of 400 staff.

Notably, DCG invested in the exchange in its seed round which closed in 2014. It is also was backed by other notable ventures, including Naspers Group and Balderton Capital.

“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,” Barry Silbert, founder and CEO of DCG, said.

“Luno is a high growth, global business, and there is a massive opportunity to expand organically and through acquisitions.”

Expansion Is a Priority

With this acquisition, the New York-based company has committed to make significant investments in the further global expansion of the exchange. However, the financials of the deal were not disclosed.

When it comes to the blockchain industry, DCG is a big name. The group fully controls crypto asset manager, Greyscale Investments, digital asset prime brokerage, Genesis, crypto mining service provider, Foundry, and also a major crypto-focused media company.

“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,” Luno’s CEO Marcus Swanepoel said.