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Media Release: Saturday, January 25 2020, 08:00 CAT | Source: Luno

Luno, South Africa’s largest cryptocurrency exchange, has introduced faster and automated withdrawals to its South African customers at no additional charge. This means customers are no longer restricted to daily withdrawal schedules.

“Luno customers wanting to withdraw their rands on the Luno platform can now count on real-time processing instead of waiting for manual batch payments, which have traditionally taken place twice a day,” says Marius Reitz, Luno GM for Africa.

In particular, Standard Bank account holders will receive their rands within minutes. Customers using other South African banks are able to request withdrawals for immediate processing, which will be subject to the standard processing time required for all inter-bank transactions. Instant payments will soon be added to the Luno platform for non-Standard Bank customers at a low additional fee.

“This service has been launched in response to customer feedback. For us, it is a step towards improving the on- and off-ramps to cryptocurrency. Crypto-to-crypto transfers are instantaneous, but processing delays come into play when customers need to move crypto into traditional fiat accounts. Cryptocurrency traders need a quick, secure and reliable mechanism to withdraw their cryptocurrency. The instant withdrawal and payment feature will support our customers’ requests for faster processing times,” says Reitz.

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This article is a Media Release received from Luno. Global Crypto did not receive any form of compensation for its publication, and as this material is deemed newsworthy for the Southern African blockchain industry, it was thus published accordingly.

Kratika is Global Crypto's Admin Assistant. She has extensive experience working for top tech firms from around the world, and has a wealth of knowledge in the FinTech industry.