2020-9-10 15:14 |
The crypto industry is beginning to see the rise of crypto empires — massive ecosystems created by early movers and original crypto businesses that aim to dominate the new industry. One such entity, the Digital Currency Group (DCG) is working on increasing its ecosystem, with the newest effort being the acquisition of a new exchange.
The acquisition of LunoAccording to a recent announcement, the DCG has just acquired a cryptocurrency exchange known as Luno.
The exchange already has many of the major crypto-related companies under its umbrella. This includes the media outlet, Coindesk, as well as a major asset manager, Grayscale.
The firm revealed the acquisition this morning, although it decided not to share the amount it paid to become the new owner of the London-based Bitcoin and crypto exchange.
The company’s founder and CEO, Barry Silbert, commented on the acquisition. He said that “Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions.” Silbert added that he and the DCG were impressed with the exchange’s team ever since they made the initial investment in the emerging company.
A years-long connection strengthensThe investment into Luno originally came in 2014. Since then, DCG invested in as many as 160 crypto and blockchain firms. Now, DCG plans to commit to Luno further, and help it achieve global expansion.
Luno itself has grown quite a bit since the initial investment. It currently numbers over 400 employees, and it services over 40 countries around the world. In total, the exchange estimates that it has more than five million users.
Its customer base saw a particular surge in 2020, as the interest in safe assets brought crypto to the attention of many new investors. Marcus Swanepoel, Luno’s own CEO, stated that Luno acted as a gateway towards the crypto industry for millions of new users over the past seven years.
However, during this time, DCG has been a major part of Luno’s story, as the two have always been fully aligned in their culture and vision. Now, with the acquisition, Luno is expected to go even further, and become larger than ever.
The post DCG adds crypto exchange Luno to its growing crypto empire appeared first on Invezz.
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