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South African Crypto Firm, Luno Adds Ripple To Its Platform

Jyoti Singh by Jyoti Singh - 11:41 PM Feb 25, 2020
South African Crypto Firm, Luno Adds Ripple To Its Platform

The largest cryptocurrency exchange of South Africa, Luno, has introduced Ripple (XRP) to its platform for its customers. The report stated that currently, the market value of the third-largest digital currency stands at $12.5 billion.

Till now, there were 3.5 million customers across 40 countries, who already have access to bitcoin, ether and bitcoin cash on Luno.

While talking about altcoins, the Luno Africa GM, Marius Reitz, said,
“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%.”

Survey By Luno

The company has stated that in the year 2019, it did a survey and asked the customers whether they want to see any new coin on its platform and which coin would be that. The survey result shows customers inclination towards Ripple, therefore, the company decided to introduce Ripple on March 03, 2020, on its platform. The company also mentioned that for the first 30 days it would reduce the trading fee of Ripple (XRP).

Customers Demanding Ripple

According to the report, there have been many banks and networks that were using ripple for fast, low-cost cross-border payments and that was the reason the customer's interest in Ripple (XRP) has been increasing.

In the year 2012, Ripple was launched to facilitate the cost-free cross border transactions. The open-source real-time network (Ripple) has been using distributed ledger technology which helps in transparent, fast and effective payments.

The CEO of Luno, Marcus Swanepoel has stated that for the first a mainstream financial institution has adopted a digital currency (Ripple).

About The Author
Jyoti Singh

Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.

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