Digital Currency Group (DCG), a global investment firm recently acquired cryptocurrency exchange, Luno with the aim to expand globally and to further conquer the crypto market in regions like Africa and Asia.
Digital Currency Group, a New York-based global enterprise that invests in blockchain companies, has acquired Luno, a crypto and digital asset exchange.
DCG intends to grow Luno’s presence as a crypto exchange in Africa, Asia, Europe, as well as regions of the world Luno has not yet operated in. The financial terms of the deal have not been disclosed, but the acquisition that promises to expand the availability of crypto and digital assets globally.
“Today’s news is hugely exciting for us as we become DCG’s main retail and consumer product offering,” Roopa Ramaiya, global head of PR and Communications at Luno, told Decrypt.
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In addition, Ramaiya said that the exchange is now “one of five whole owned subsidiaries and there is so much potential as to how we can work with the other companies in the group whilst maintaining our independence as a business as well as our brand.”
“We are proud to have supported Luno as an early investor, and we recognize a shared commitment to bringing mission-driven companies that can help transform traditional financial services and improve economic freedom for people all over the world,” said Barry Silbert, founder and CEO of DCG.
Founded in 2013, Luno is led by co-founder and CEO Marcus Swanepoel, and offers its exchange services in countries where cryptocurrency ownership is high, including South Africa, Nigeria, Indonesia and Malaysia. “The past seven years have been an incredibly exciting journey for Luno—helping millions of our customers get access to crypto for the first time,” said Sqanepoel in a prepared statement. The crypto exchange is also backed by Naspers Group, and Balderton Capital.
The Luno acquisition is part of DCG’s wider portfolio of investments in the crypto community. At the time of writing, DCG has backed more than 160 companies in over 35 companies. DCG also serves as the parent company of several wholly-owned subsidiaries, including Grayscale Investments, who provide information on digital currency investments, Genesis, a digital currency prime broker, and CoinDesk, a media company covering cryptocurrencies.
DCG’s grip on the crypto industry continues to get stronger.
This article is sourced from:https://decrypt.co