South African crypto exchange Luno aims U.S. expansion
The leading crypto exchange platform and independent operating subsidiary of Digital Currency Group Inc., Luno is analyzing regulatory frameworks in all 50 states as a part of its launch later this year, according to Marius Reitz, the company's general manager for Africa.
The United States is the dream for many crypto unicorns
The world's largest economy is home to more than 50% of the world's crypto unicorns. A unicorn is a privately held startup with a market cap of over $1 billion. Many exchange platforms are aiming to mark a solid entry in the U.S. crypto market, and Binance and FTX are some of the recent ones to do so.Luno, which was founded in 2013, has a user base of 9 million people across Asia and Africa. It currently trades Bitcoin, Ethereum, and Ripple tokens, and Reitz says it will soon add new coins from the top ten most liquid cryptocurrencies in the world.
Talking about the expansion during an interview with Bloomberg, he says:
"It is more complex than launching in an individual market because of the different states and different regulations within each of these states, so there are lots of moving parts. But it is a company focus for us for 2022."
Luno waits for a structured regulatory framework
Luno is the biggest crypto exchange in South Africa and the spread of digital currencies in Africa has been centered on Nigeria and South Africa, where about 25% of the population owns digital assets in some form.Luno is waiting for new regulations in South Africa, which Reitz claims are "imminent" and will certainly strengthen consumer protections. The improvements should enable crypto platforms to attract institutional investors who are currently missing from the market.
The new guidelines may also allow for the listing of more sophisticated products. Reitz anticipates that crypto exchange-traded funds (ETFs) will be available in a year or two.
JSE Ltd., the stock exchange operator in South Africa, has previously rejected efforts to list crypto ETFs, citing a lack of a legal framework in the nation.
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