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Naspers-backed crypto platform Luno starts African hiring spree

Bitcoin and Ethereum exchange to hire 150 new employees by the end of the year to boost its software-development team.
Luno was founded six years ago and now has 2.7 million users. Picture: Reuters

Naspers-backed cryptocurrency platform Luno is planning to increase its workforce by almost 60% to expand its South African headquarters as Bitcoin once again breaches $10 000.

The Bitcoin and Ethereum exchange will hire 150 new employees by the end of the year to boost its software-development team, taking its headcount to more than 400 across seven offices in Africa, Europe and Asia, according to Luno’s general manager for Africa, Marius Reitz. The company is seeking business clients as well as individual investors and will add more cryptocurrencies to its portfolio.

Most of the new hires will be based in Johannesburg, Reitz said in an interview in the city, with some being made responsible for security and compliance. The main new Asian market is Malaysia.

Luno was founded six years ago and now has 2.7 million users. The closely held company is one of dozens of cryptocurrency platforms that have sprung up around the world in response to soaring demand for the likes of Bitcoin, which this month hit the highest level since March 2018. Meanwhile the South African rand is among the world’s most volatile currencies and has weakened more than 40% since 2013.

Bitcoin is back

Luno attracted $3 million in funding in 2015, led by Cape Town-based technology investor Naspers, Africa’s biggest company. The exchange will consider new rounds of investment and strategic partnerships to further its expansion plans, Reitz said.

Naspers, Balderton Capital, Rand Merchant Investment, Venturra Capital and Digital Currency Group all own minority stakes of less than 20%.

© 2019 Bloomberg L.P.

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The crypto trade is gaining ground whilst there are still loopholes in regulation governing crypto currencies and the more destabilized the world political forums become. The fact also that banks are now so heavily regulated for illicit currency trades, means that traditional monetary policies are becoming more and more expensive whilst crypto currencies don’t show these expenses as a debit. . With cryptocurrency, the expenses are built into the value of the currency ( or the price you pay for your coin) so the expenses show as an asset!

If one wants to buy into Cryptocurrency, I wouldn’t buy it through Naspers, that’s way too expensive. I would probably buy it through Rand Merchant Investment – a much safer way and place to put your money…out of reach of the Chinese government! In my opinion.

Both Naspers and Rand Merchant Investment Holdings have invested in Luno

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