Luno, one of the pioneering cryptocurrency exchanges in Africa, revealed that South Africa’s cryptocurrency trading is mainly dominated by young people, of which young people under the age of 29 account for 40% of the transactions. The exchange claims to have added nearly one million new customers in South Africa in 2020. The exchange also revealed: “Approximately 65% of Luno’s users are males and approximately 35% of females.” Compared with the industry average of 70% for men to 30% for women, these figures are impressive.
Rising retail demand
Luno reports that in addition to achieving a year-on-year growth of 300%, the number of active users surged by 167% in the same period, while “the number of application installations increased by 119%.” At the same time, a report cited Luno’s CEO and co-founder Marcus Swanepoel and attributed the increase in transaction volume to the increase in retail demand for cryptocurrencies. Swanepoel explained:
Although a lot of attention is focused on institutional adoption, the growth rate of retail adoption can even be described as crazy. By 2021, we expect to continue this exponential growth, and hope to achieve the goal of reaching 1 billion customers in 2030.
Between January 2019 and 2020, Luno, which was acquired by the Digital Currency Group in September 2020, said, “It has recorded $8.3 billion (121 billion rand) transactions worldwide. “In addition, Luno said, “Last year, South Africa’s transaction volume was close to 3 billion U.S. dollars, and it exceeded this figure at the end of March.”
South Africans are curious about cryptocurrency
At the same time, the same report also quoted Marius Reitz, the general manager of the exchange, who said: “South Africans are absolutely curious about cryptocurrencies.” To support this assessment, Reitz pointed to Google’s Bitcoin search trend data. According to this data, South Africa ranks fourth in the world, and is second only to Nigeria on the African continent.
In addition, in the Google Trends data, Luno also refers to the global web index data, which shows that “an estimated 15% of South Africans have invested in Bitcoin.” With the second highest number in the world, South Africa ranks in the United States and Before Japan and other countries.
Do you think South Africa’s cryptocurrency trading volume will surge again in 2021? You can share your views in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear any direct or indirect responsibility for any damage or loss caused or allegedly caused by using or relying on any content, goods or services mentioned in this article or related thereto.