One of the most observable facts is that the crypto market has grown against other financial market sectors in the last few years. Notably, the recent growth has been attributed to the massive rise in the prices of digital assets, which has won over new traders into the sector. With the asset still going through what would be described as a bullish run, more traders are flocking into the market more than ever.
While the institutional investors have been seen as the most pivotal force in the market, analysts have said that retail traders have also lent their push to contribute to their respective traded assets going higher. With the market seeing an influx of traders and investors, crypto exchanges have started to record a massive rise in their respective bases. One such crypto exchange is Luno, a crypto exchange that has its headquarters in the United Kingdom.
The crypto exchange just recorded 6 million users in January
The crypto exchange, which was established as far back as 2013, has risen from being a relatively unknown entity to one of the most popular crypto exchanges worldwide. With the crypto market seeing a healthy boost of customers, Luno previously announced that it had recorded a massive pool of new sign-ups from customers going to a tune of 6 million from January 2020 to January 2021.
In a new update by the crypto exchange, the number has been boosted further as about 1 million users have registered on the platform, bringing the total number of new users to over 7 million. Luno has its base of operation in various countries across the globe with distinct branches across Malaysia, London, South Africa, Nigeria, and other countries.
The company also boasts of having about 400 working employees across the countries that it operates. At a recent event, the firm’s CEO was on hand to give detailed insight into the development. In his statement, Swanepoel mentioned that they have continued to record a massive increase in their customer pool over the last few months, which has spanned across seven years.
African users make up a larger part of the customer base
However, the CEO was on hand to mention that this is the first that the company would be recording a growth of this magnitude. With the exchange seeing these vast numbers, the rapid rise has been tied to several reasons. Analysts have mentioned that the first major reason is how traders are now making use of digital assets. Even though others have mentioned that the big wigs are triggering adoption, there is still no doubt that crypto is already achieving mainstream adoption.
With crypto providing a basis for speculation and a source of investments, traders across Africa have taken a keen liking to digital assets, hence pooling their funds into the assets. With that, Luno would be grateful that they have a multitude of African users behind them. The recent survey that Luno carried in the countries where it is based showed that 54% of Africans said they would prefer that one digital currency be developed to use the entire world.
Asia came in second place, boasting a figure close to 41% while Europe took up the third spot with a lesser 35% compared to the other two. In total, about 15,000 participants who were from the United Kingdom, South Africa, Nigeria, Italy, Malaysia, and others were involved. Luno mentioned that the survey was a means to help it identify the attitude of their users as influenced by the coronavirus pandemic.