As altcoins continue to perform well this year, South Africa’s largest cryptocurrency exchange has added the ability for its customers to trade Ripple (XRP) on its platform. Ripple is the third-largest digital asset with a current market value of US$12.5 billion and soon be traded on Luno.
Luno’s 3.5 million customers across 40 countries can already access Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). Demand for Ripple has grown and it will be available on the Luno exchange from 3 March 2020. All customers will be able to trade Ripple on the Luno platform at a reduced fee for the first 30 days. Luno is a top-ten rated global cryptocurrency exchange and has handled US$8 billion in transactions. It provides investors, traders and businesses the ability to buy, store and learn about digital currencies, in a secure environment.
Last year, Luno asked a sample of customers which coins they would most like to see added to the platform. The survey found that Ripple 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.
Says Marius Reitz, Luno’s general manager for Africa, “2020 has been an interesting year for altcoins, many of which are outperforming Bitcoin which is up 35% this year, Ethereum is up 104%, Bitcoin Cash is up 87% and Ripple is up 41%.”
Marcus Swanepoel, Luno CEO, comments: “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. While cryptocurrencies are still in their infancy, coins like XRP demonstrate the benefits that blockchain-based assets can offer. 2020 looks as though it will be another very important year for the sector as more people use digital coins as part of their day-to-day finances.”
Ripple was launched in 2012 and is an open source real-time gross settlement, currency exchange and remittance network, which is designed to facilitate cost-free cross-border transactions. 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.
Swanepoel adds, “Ripple is the first digital currency to be adopted by mainstream financial institutions. We have always highlighted the benefit digital currencies can offer 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 customers, especially those in developing markets who rely on cryptocurrencies to handle money into and out of their businesses.”