Digital Currency Group acquires crypto exchange Luno for an undisclosed sum

Digital Currency Group acquires crypto exchange Luno for an undisclosed sumDigital Currency Group acquires crypto exchange Luno for an undisclosed sum

Digital Currency Group (DCG) has acquired cryptocurrency exchange Luno for an undisclosed sum.

In a release shared with The Block on Wednesday, DCG said London-based Luno has grown “significantly” in recent years, and the acquisition will help them further expand globally. DCG is set to make a “significant financial commitment” to Luno.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Luno will continue to operate as an independent, wholly-owned subsidiary of DCG. With today’s deal, DCG now operates five subsidiaries, including recently-launched Foundry, Grayscale Investments, Genesis, and CoinDesk.” data-reactid=”21″>Luno will continue to operate as an independent, wholly-owned subsidiary of DCG. With today’s deal, DCG now operates five subsidiaries, including recently-launched Foundry, Grayscale Investments, Genesis, and CoinDesk.

DCG first invested in Luno in its seed round in 2014. Founded in 2013, Luno has grown to nearly 400 employees and more than five million customers spanning over 40 countries, per the release. “Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions,” said DCG founder and CEO Barry Silbert.

Luno co-founder and CEO Marcus Swanepoel said the full backing of DCG would “significantly accelerate our ability to reach our goal to help upgrade 1 billion people to a better financial system by 2030.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="©&nbsp;2020&nbsp;The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.” data-reactid=”29″>© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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