Loading...

Luno exchange becomes DCG first retail-focused subsidiary

In this post:

One of the big-name blockchain investment companies, Digital Currency Group (DCG) has acquired Luno exchange. The development strengthens the company’s first move into retail-focused cryptocurrency businesses, as it mostly deals with institutional-grade businesses. Meanwhile, DCG may no longer make additional acquisitions at the parent company level, anytime soon.

Luno exchange becomes a subsidiary of DCG

The acquisition of Luno exchange by DCG was confirmed in a Coindesk report on Wednesday, despite the financial terms not being revealed at the time. Although as a wholly-owned subsidiary of the investment group, the exchange will continue to operate independently, serving retail cryptocurrency investors and traders, as both companies noted. 

Meanwhile, DCG will not be announcing any new acquisition at the parent company level as often as before, according to Mark Murphy, the chief operating officer at DCG. He noted:

“But Luno intends to expand globally both organically and through acquisitions. We view this deal as a potential first step towards a ‘roll up’ strategy under Luno.”

DCG’s first retail business subsidiary

Notably, Luno exchange has become the first crypto business to be fully owned by the Digital Currency Group, with a major focus on retail customers. Commenting on this, Murphy added that: 

“We have invested in many retail businesses all over the world – including nearly two dozen exchanges. But this is the first subsidiary that is a wallet and an exchange, which of course have large numbers of retail investors.” 

Luno was established in 2013, and it has grown to become one of the leading digital currency exchanges in Africa, including South East Asia. Noteworthily, DCG was one of the companies that invested in the exchange during its early stage, precisely in 2014. The exchange now boasts of working with 400 staff and 5 million users from more than 40 countries.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Deutsche Telekom enters Bitcoin mining industry
Cryptopolitan
Subscribe to CryptoPolitan