Digital Currency Group acquires cryptocurrency exchange Luno
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After providing initial seed funding to Luno in 2014, Digital Currency Group has acquired the cryptocurrency exchange platform.
One of the largest organizations investing in blockchain companies, Digital Currency Group, or DCG, has acquired the British multinational cryptocurrency exchange Luno.
DCG first bought a stake in Luno by investing in the exchange’s seed round in 2014. Since then, the exchange has spread its roots across 40 countries and currently boasts of more than five million registered users on its platform.
In an official announcement, DCG said it will make a “significant commitment” to help Luno further expand its territories in countries it already operates in and also help it launch in other countries. DCG did not reveal the financial terms of the deal.
Speaking on the acquisition by DCG, Luno co-founder and CEO Marcus Swanepoel said that it was the perfect time to get the full backing of DCG as the industry was going through a “pivotal moment.” He further added that the acquisition will significantly accelerate their ability to reach their goal to help upgrade 1 billion people to a better financial system by 2030.
In a tweet today, DCG said the acquisition will help both companies accelerate the “creation and adoption of a better, more accessible financial system.”
DCG said that Luno will keep operating as an independent organization under the leadership of its CEO while DCG will provide leadership, partnership and investment capital to help the exchange scale its business.
Based in New York, DCG currently backs more than 160 companies in 35 countries. It also fully owns the world’s largest digital asset management company Grayscale Investments, whose total Bitcoin holdings recently passed $3 billion.