Cryptocurrency Exchange Luno Adds Bitcoin Cash Trading

Cryptocurrency Exchange Luno Adds Bitcoin Cash Trading

After ETH and BTC, South Africa based Luno Cryptocurrency exchange will now also allow trading in Bitcoin cash (BCH). Starting from September 23, investors can now buy, sell or store BCH on Luno.

Luno allowed trading in BCH after receiving feedback from its users and also noticing, that some users already had activated Bitcoin Cash wallets.

Known as BitX, at the time of it’s founding in 2013, by two South Africans Marcus Swanepoel and Timothy Stranex. The exchange was renamed as Luno in 2017.

Luno claims, to have 3 million users in 40 nations and 300 employees around the world. It has branches in the UK, Singapore, Malaysia, South Africa, and Nigeria. It is backed by Digital Currency Group (DCG) and Naspers.

Marcus Swanepoel, Luno’s CEO, said,

“We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and application of cryptocurrencies. Luno has been part of this change and has listened to, and always worked hard to understand the needs of these developing economies. It is for this reason we have moved to expand our offering of secure and legitimate digital currencies to individuals, enabling cross-functional accessibility and transfer of funds.”

Luno has clarified, that it could add more cryptocurrencies in the future. It has reassured investors that even as it seeks to include more cryptocurrencies for trading. Safety will continue to be its top priority. Only after carefully monitoring a cryptocurrency for several years, and studying its fundamentals, will a decision be taken on allowing it to trade on the exchange.

Marius Reitz, General Manager Africa, Luno, said,

”There are over 2,000 cryptocurrencies and we take our role as a trusted platform very seriously…. We only add new coins once we are confident of their security, credibility, and market traction.”

To this end, Luno welcomed a recent paper by South African Reserve Bank on regulating Cryptocurrencies; expressing the view that regulations will help weed out fraudsters and enhance trust instability of the market.

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