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,...