Africa: To Infinity and Beyond - the Rise of a Crypto Empire

(file photo).
analysis

The cryptocurrency industry is beginning to see the rise of crypto empires -- expanding ecosystems created by early movers and original crypto businesses that aim to dominate the new industry. This is what makes the acquisition of cryptocurrency company Luno by the biggest of them all, the Digital Currency Group, so interesting.

There is nothing modest about cryptocurrency company Luno's ambitions (hence the name): it is on a mission to upgrade one billion people to a new and better financial system by 2030.

And with five million customers in 40 countries and $14-billion worth of transactions under its belt, one could argue that the company was making modest inroads in this regard.

These ambitions have just been turbo-charged with the news that Luno has been acquired by New York-based Digital Currency Group (DCG) for an undisclosed sum.

A quick explainer - cryptocurrency is a disruptive technology that has been designed to be an alternative to the fiat monetary system.

Early investors in Luno, such as Naspers, which invested in the start-up in 2015, and RMI Investments, which invested in 2017, have exited their investment.

Luno co-founders Marcus Swanepoel, Timothy Stranex and Pieter Heyns, along with a few other angel investors,...

More From: Daily Maverick

Don't Miss

AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X