Crypto users can now trade Ethereum in naira on Luno

Cryptocurrency traders in Nigeria no longer need to convert their money to bitcoin first before buying or selling Ethereum, as they can trade directly in the local currency – naira, according to global cryptocurrency platform, Luno.

Ethereum is a public, peer-to-peer network or blockchain with its own cryptocurrency called Ether. Created by Vitalik Buterin in 2014, Ethereum was designed to be a platform on which smart contracts can be built and run. Many experts view Ethereum as more than just a cryptocurrency and foresee a world where a wide variety of applications are built and run on the Ethereum blockchain. It is the second largest cryptocurrency by market cap, and its practical applications are vast in comparison to others.

Ethereum is the second-largest cryptocurrency after Bitcoin, that Luno will be enabling users to buy in the local currency in Nigeria. Luno currently has its headquarters in London with regional hubs in Singapore and Johannesburg and a team of over 290.

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Luno noted in a statement that after Bitcoin, Ethereum comes second as the most well-known asset among cryptocurrencies in Nigeria. 30 percent of Nigerians who answered the survey said they owned Ethereum, compared to 80 percent for Bitcoin, 23 percent for Bitcoin Cash and 22 percent for Litecoin.

In terms of activity on cryptocurrency exchanges, the company said Ethereum has more liquidity in the local market in Nigeria compared to South Africa and that the 24-hour volume of cryptocurrency markets in Nigeria is highly competitive.

Marius Reitz, General Manager for Africa at Luno, says Nigerians are increasingly aware of the various benefits and applications of Ethereum, and cryptocurrencies in general. “As a result, making it easier, cheaper and faster for Nigerians to buy and sell Ethereum will only serve as a catalyst for connecting more people to these benefits and applications. We are excited to be at the forefront of making this happen.”

Co-founded by CEO Marcus Swanepoel and CTO Timothy Stranex, Luno has raised over $13m in funding since launch in 2015 and is backed by global tech giant the Naspers Group and Rand Merchant Investment Holdings.