Luno is a South African Cryptocurrency Exchange which was founded seven years ago and not only cites a supportive fintech environment, but also a growing cryptocurrency awareness and adoption.
These were but a few reasons why Luno has made a conceited effort in expanding its services into Australia. This achievement finally became reality in late August when the exchange reached a client base of 5 million users.
This launch had come after Luno had announced that its services would be available in the UK while BitcoinKE exclusively completed registration of Pesabase remittance service in Australia at the same time to include Africa in its remittance services.
Bitcoin has seen a 59% rally despite the Covid-19 pandemic with Bitcoin trading breaking a new record in Australia in February. However, the numbers are lower than expected when taking the country’s economy and economic indicators into account.
In January, cryptocurrency-based merchant trade in Australia reached $44,000 and by February, it had skyrocketed to nearly $74,000.
In the past five years, Australia has experienced a five-fold increase in fin-tech companies along with continued support in its regulatory environment.
For these reasons, amidst numerous others, Australia has been an ideal expansion target for Luno considering its existing operations in several other markets including South Africa, Nigeria, and the UK.
Another driving factor behind the expansion is the young age of the Australian population in addition to the disposable income made.
When considering crypto trading in Australia, there are a few important statistics to note, namely:
- 17% of the Australian population are in ownership of cryptocurrency
- At least 1 in every 5 Australians are likely to purchase crypto within the next 6 months
- At least a third of regular Australian investors spend between $100 to $500 per month on cryptocurrency
- Most Australians aged 44 and younger believe that cryptocurrency will be widely accepted by people along with businesses
- In all of Australia, Bitcoin remains the most recognised and owned of all digital currencies
- More than half of millennials believe that cryptocurrency will be more widely accepted in the future
- More than half of retirees believe that cryptocurrency is not likely to be widely accepted in the future, and
- There are approximately 73% of cryptocurrency investors who currently hold Bitcoin, otherwise referred to as BTC.
Cryptocurrency adoption proceeds to grow in Australia and since May and there is a clear display of positive sentiments towards cryptocurrency.
Since the emergence and spread of Covid-19, Luno has seen its client base grow by a million users as the pandemic forced people to seek digital ways through which they could transact and limit contact with others.
Luno is now offering an incentive to its South African customers through connections in Australia and the UK.
With the current rate of adoption of cryptocurrency around the globe, the prospects of expanding further into other territories is one that is quite lucrative and achievable as Bitcoin, and other cryptocurrencies, gain popularity on a global scale.
Updated October 11, 2020
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