The over 3.5 million users of the Luno wallet will be able to access four cryptocurrencies from 3 March when Ripple joins the exchange. The users spread across more than 40 countries, can already access Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).
Luno, which was recently crowned one of the top 10 exchanges in the world, promised in 2019 that more coins would be available. The exchange has already handled US$8 billion in transactions.
Co-founded in 2012 by Jed McCaleb and Chris Larsen, Ripple (XRP) has grown to become the third-largest digital asset with a current market value of US$12.5 billion. It is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company designed to facilitate cost-free cross-border transactions.
The main purpose of XRP is to be a mediator for others – both cryptocurrencies and fiat exchanges. Ripple’s use of distributed ledger technology is seen as an ideal fit for transparent, fast and effective payments which has led to XRP being brought-in to handle international remittances in a number of banks.
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“Ripple is a perfect fit with Luno and the other digital assets we offer as it is the first digital currency to be adopted by mainstream financial institutions,” said Marcus Swanepoel, CEO of Luno. “We have always shouted about the benefit digital currencies can give to many millions of people, so to have a coin with a genuine utility function which is being adopted by banks is great news. Offering Ripple on the Luno exchange has potential benefits for thousands of Luno users, especially those in developing markets, who rely on cryptocurrencies to handle money into and out of their businesses.”
Since it was founded in 2013, Luno has been very careful in adding new cryptocurrencies on its wallet with bitcoin and ethereum the only cryptocurrencies on it wallet for many years. The company only added Bitcoin Cash in 2019.
That same year, it asked a sample of customers which coins they would most like to see added to the platform. The survey found that Ripple (XRP) was the coin they most wanted to buy. The interest in XRP has been building for some time, as many banks and networks use Ripple to provide fast low cost cross-border payments.
“We have always limited the number of coins we offer, only listing digital currencies which have liquidity, are secure and have the utility which will benefit our clients,” Swanepoel said. “While cryptocurrencies are still in their infancy, coins like XRP demonstrate the benefits that blockchain based assets can offer. It is always an exciting time for cryptocurrency but 2020 looks as though it will be another very important year for the sector as more and more people use digital coins as part of the day-to-day finances.”
To celebrate the introduction of this important coin to the Luno exchange, all users will be able to trade with a reduced fee for the first 30 days of XRP. Details of this will be shared on luno.com.
