Singapore-founded cryptocurrency startup Luno raises $9m series B

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BitCoin has absolutely dominated the world of technology for a few years now, becoming the “gold standard” as far as crypto currency is considered while ushering in new advances and applications for its foundational technology blockchain.

And while BitCoin itself has seen a tremendous jump in valuation from even just five years ago – when a single coin could still be purchased for between five dollars and $15 (compared to the $4000 per BitCoin these days) – BitCoin wallets, exchanges, and marketplaces haven’t been able to see or enjoy the same kind of growth for one reason or another.

A relatively new BitCoin wallet and exchange based out of Singapore is hoping to change that.

Luno, the BitCoin wallet and exchange mentioned above, has become the number one platform in Singapore and the rest of Southeast Asia for those that want to purchase, invest, or store the BitCoin that they have decided to collect. Already one of the most popular technology companies in Singapore, Malaysia, parts of India, and even China, Luno has helped to expand its reach to a more global platform in 2017 and 2018 and it looks as though they are going to be doing exactly that.

A new major round of funding is occurring in Europe for Luno, with $9 million in Series B money being provided to this company for market expansion throughout Europe as well as Africa and the rest of Asia. Because of the “always digital” platform of Luno this money is going to be able to be stretched considerably further than it might have been able to be stretched with a more traditional tech company, and a considerable amount of the funding is going to be set aside for aggressive marketing and advertising campaign as this company expands its global reach.

So far, Luno has been able to capture $13.8 million of outside investment, and another $4 million of investment from a company based out of South Africa is expected within the next six months. Industry insiders believe that Luno has a fast track to success that few other BitCoin wallets and exchanges are able to enjoy, and that if crypto currency and BitCoin in particular continue to expand and become more and more popular Luno will as well.

35 new countries in Europe are expected to be added to the areas of operation for Luno as part of this new round of funding, and the offices in Singapore, Cape Town, and London are expected to double their staff from 70 to 140 before the end of 2018. This will allow Luno to do a better job at servicing accounts, allow them to more aggressively expand operation, and allow them to capture a significant portion of the BitCoin exchange and wallet market that currently exists because of under servicing from existing operations that Luno will have to inevitably compete with.

The world of BitCoin and other crypto currencies is very exciting yet very uncertain, with valuations changing on a minute by minute basis. At the same time, the technology is intriguing and definitely here to stay – and Luno hopes to capitalize as much as possible in the early stages!

About the Author

Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Singapore Rushing to be Asia’s New Tech Hub and all topics related to Tech and Business, if you are interested about Setting up company in Singapore visit our website.

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