- Luno, the cryptocurrency exchange has launched a fast, automated withdrawal feature for its customers at no additional fees.
- Luno stated that due to the immediate processing request that Standard Bank allows for Luno customers.
- Luno recently launched the option of trading Bitcoin Cash on the platform, enabling users also to buy, sell and store it on their platform.
South African cryptocurrency exchange Luno has launched a fast, automated withdrawal feature for its customers at no additional fees. The update allows Standard Bank customers to apply for immediate processing for their withdrawal.
In contrast, customers signed with other banks will also be able to request automated withdrawals, but the transaction will be subject to their bank’s processing times.
Before the current update, customers limited to daily withdrawal schedules. Still, now due to popular demand, the company has decided to implement instant withdrawal for funds within your Luno wallet to your bank account.
Announcement for our South African customers ??— Luno (@lunomoney) January 23, 2020
We’re now offering instant automated withdrawals for our Standard Bank customers. This means you can now receive payments within a few minutes when withdrawing funds directly from your Luno account into your Standard Bank account. pic.twitter.com/FktPBsPCe8
Luno stated that due to the immediate processing request that Standard Bank allows for Luno customers, withdrawals would take just a few minutes.
Other bank customers of Luno will be subjected to their bank’s transaction times on inter-bank transactions. Before this feature, Luno offered withdrawals in batches two times a day.
Luno General Manager, Marius Reitz, made a statement,
“Luno customers wanting to withdraw their rands on the Luno platform can now count on real-time processing instead of waiting for manual batch payments, which have traditionally taken place twice per day.”
It also mentioned that Luno plans to add immediate fund withdrawals for non-Standard Bank customers too at a small additional processing charge.
Reitz also said that the update had been a result of customer demand, and for them, it was another step in the direction of improving their cryptocurrency exchange’s offerings.
Reitz has previously stated that South Africa is its most active market. With growing awareness of the potential of cryptocurrencies in the country, more trades are starting to arise within that market.
This makes adding more functionality for their South African customers an essential priority for the company. Luno recently launched the option of trading Bitcoin Cash on the platform, enabling users also to buy, sell and store it on their platform.
The exchange serves about 3 million customers across 40 different countries over the globe. The company has offices in South Africa, Malaysia, Indonesia, Nigeria, and Singapore.