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- Barry Silbert in a statement expressed his satisfaction of acquiring Luno, which has a user base of five million users.
- Silbert further assured that the Luno’s leadership team will remain intact.
- He further continued that under the umbrella of DCG, Luno will be able to fruit the best of that growth when it comes.
Digital Currency Group (DCG), one of the cryptocurrency moguls, expanded its horizon to the United Kingdom as it acquired Luno Exchange. DGC, which first invested in Luno, in 2014, in its seed round, will help the latter to expand into newer markets. DCG founder and chief executive Barry Silbert in a statement expressed his satisfaction with acquiring Luno, which has a user base of five million users.
Silbert further added that the acquisition will help DCG to expand its operations in South Africa, Nigeria, Indonesia, and Malaysia. All these countries have the highest user base of digital currency users.
DCG has always let their subsidiaries operate as independent entities by solely providing the investment and support needed for them to expand the business. Silbert further assured that the Luno’s leadership team will remain intact.
Terming DCG’s acquisition a “significant step” Luno chief Marcus Swanepoel said it will help the Exchange to increase their user base to 1 billion by 2030.
On a similar note, as per the report from Chainanalysis few of the emerging markets in the crypto retail world are from Africa, Asia, and South America. Swanepoel believes that from the current trend in the market the world is about to enter a new paradigm shift and will witness a growth phase for cryptocurrencies. He further continued that under the umbrella of DCG, Luno will be able to fruit the best of that growth when it comes.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
