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Digital Currency Group Acquires Luno, a Leading Bitcoin and Digital Asset Exchange

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Digital Currency Group (DCG), a global enterprise that builds, buys, and invests in blockchain companies, announced the acquisition of Luno, a leading cryptocurrency exchange.

Based in London and with regional hubs in Singapore and Cape Town, Luno has grown significantly in recent years, with nearly 400 employees and more than five million global customers spanning over 40 countries.

New York-based DCG will be making a significant financial commitment to help Luno expand globally, both in geographies where Luno currently operates and beyond. Financial terms of the deal were not disclosed.

Led by co-founder and CEO Marcus Swanepoel, Luno has become a digital asset powerhouse in many emerging and frontier markets, providing digital asset education, knowledge, and investment tools for individuals in Africa, Asia, and Europe. Luno has helped broaden the global crypto investment community and the company has seen record growth of its customer base in 2020.

In Africa, the company saw more than 550,000 new users on its platform in Q2 2020 and contributes the largest share of cryptocurrency trading volume on the continent across non-P2P exchanges.

Luno is a leading exchange in several countries that have the highest percentage of cryptocurrency ownership, including South Africa (third-highest of its citizens owning digital currencies), Nigeria (fifth-highest), Indonesia (sixth-highest), and Malaysia (tenth-highest).

DCG is an investment firm that has backed more than 160 blockchain companies around the world. In addition to its venture portfolio, DCG is the parent company of several wholly-owned subsidiaries, including Grayscale Investments (the world’s largest digital currency asset manager), Genesis (a leading digital asset prime brokerage), CoinDesk (the preeminent media and events company in the industry), and the recently-launched Foundry, which provides institutional expertise, capital, and market intelligence to bitcoin miners and manufacturers. DCG first invested in Luno in its seed round in 2014.

“We are proud to have supported Luno as an early investor, and we recognize a shared commitment to building mission-driven companies that can help transform traditional financial services and improve economic freedom for people all over the world,” said DCG Founder and CEO Barry Silbert. “Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions.”

DCG enables its subsidiaries to operate as independent companies, providing leadership, partnership, and investment capital to help scale the businesses. The Luno leadership team will remain entirely intact and Swanepoel will lead acquisition efforts in his role as CEO.

“The past seven years have been an incredibly exciting journey for Luno – helping millions of our customers get access to crypto for the first time,” said Swanepoel. “DCG has been an integral part of the Luno story during all of this time, and we’ve been fully aligned on our vision and culture since day one.

Having the full backing of DCG just as we’re experiencing such a pivotal moment of growth in the industry is not just an exciting and important milestone for Luno, but more importantly it will significantly accelerate our ability to reach our goal to help upgrade 1 billion people to a better financial system by 2030.”

“We have been extremely impressed with Marcus and the Luno team since we made our initial investment,” added Silbert. “Marcus understands our culture and appreciates how well Luno fits into the DCG family. He is a focused, high integrity leader and exactly the kind of person we want running one of our companies at this critical moment when the crypto industry is at an inflection point.”

Founded in 2013, Luno has been backed by global tech giant the Naspers Group and Balderton Capital amongst others. During these last seven years Luno has maintained its commitment to upgrading the world to a better financial system. The company believes that the legacy system was built for a non-digital age, ignoring the needs of modern individuals and adding unnecessary inefficiencies and gatekeepers.

The world now has access to new technologies like Bitcoin and Ethereum that will fundamentally change how the world views and uses money. Like communication evolving from landlines to mobile phones, money is finally catching up with other information revolutions.

Luno maintains regional offices in Kuala Lumpur, Lagos, Jakarta, and Johannesburg, and will continue to focus on the existing geographies where it operates across Europe, Africa, and Asia. The Luno team has also developed an aggressive road map for future growth and will ultimately compete with financial services firms globally. Luno is actively hiring for positions all over the world.


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E-Business

US Supreme Court Upholds Law Banning TikTok

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The United States Supreme Court has upheld a law seeking to ban TikTok in the United States.

US Supreme Court Upholds Law Banning TikTok

The court ruled that the law does not infringe upon free speech rights, citing the US government’s legitimate national security concerns about the Chinese ownership of the app.

Last week, the Supreme Court listened to the arguments from ByteDance, TikTok’s parent company, claiming the law violated free speech.

“There is no doubt that TikTok provides a unique platform for expression, engagement, and community to over 170 million Americans,” the justices stated.

With this decision, the ban set for Sunday remains in place, despite calls from lawmakers and officials across the political spectrum for a delay.

Last year, Congress passed a law requiring ByteDance to sell TikTok or shut it down in the US by January 19, reflecting widespread concerns in Washington that the app could be exploited by China for espionage or propaganda.

On Friday, White House officials informed the media that the ban would not be enforced, leaving the final decision to President-elect Donald Trump, who assumes office the next day.

In December 2024, TikTok asked the US Supreme Court to temporarily block a law that would force its Chinese owner to sell the popular video-sharing platform or shut it down by January 19.

The appeal came the same day TikTok, Shou Zi Chew, CEO, met with US President-elect Donald Trump.

 

 

 


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FG Says NINs will Facilitate Cash Transfers to 18.1m People

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Federal government has plans to expand the national social register to 18.1 million names and to reach at least 70 million poor households across the country by the end of this year, according to Prof Nentawe Goshwe Yilwatda,  minister, Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD).

FG Says NINs will Facilitate Cash Transfers to 18.1m People

Federal government has been distributing cash assistance to poor citizens through a program that requires verification using the National Identification Number (NIN).

The rate of poverty in the country is alarming, the minister said in an interview with Arise News, reason why the federal government plans to extend the humanitarian outreach program to target more homes. Each household receives the sum of N75,000 ($45).

Giving update on the payments, the minister said the first tranche of the conditional cash transfers were paid to five million households between October and December 2024, while the second and third tranches were paid to 2.8 million households.

“The president has directed, based on CBN’s new regulations, that before any payment is made to an individual or household, they must have a digital identity we can trace. That is the NIN number,” the Yilwatda told Arise News.

The cash transfer enabled by digital ID was launched in 2023, and last year, the federal government said around 25 million Nigerians had already benefitted from the scheme.

 

 

 

 

 

 

 

 

 


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NIMC Grants NCoS Licence to Register Inmates for NIN

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National Identity Management Commission (NIMC) has granted licence for the Nigerian Correctional Service, (NCoS) to register inmates in the over 252 custodial centres across the country for National Identity Numbers, (NIN).

NIMC Grants NCoS Licence to Register Inmates for NIN

The approval followed the request made by Sylvester Nwakuche, acting controller general of the NCoS, who paid a visit to Engr Abisoye Coker-Odusote, director general/chief executive Officer of NIMC, in her office.

The acting controller-general, said the licence to carry out registration of inmates for NIN would eliminate exclusion of inmates from the country’s National Development plans, ensure their safety and security and facilitate their smooth recapture in times of jailbreaks.

The NCoS boss said the visit to the headquarters of NIMC was in search of collaboration that would enable the Service carry out its mandate seamlessly following on going reforms of the Correctional Service system.

According to Nwakuche, there are lots of socio-economic developments within the Correctional Service systems which had led to a number of inmates obtaining University degrees, Masters Degrees and Doctor of Philosophy (PhD) in various fields.

He said such inmates should not be excluded from the national development plans of the country as they should be integrated into the society to become useful for their families and the country.

Nwakuche said inside the Correctional centres are those awaiting trials whose innocence and otherwise has to be decided by the Courts, but argued that in times of National planning, census and other critical national development issues, they should not be disallowed from participating.

Coker-Odusote who granted the licence said NIN has become critical and essential to the country’s national development plans, stressing that NIMC has gone far with the private sector, especially the banks and the Central Bank of Nigeria (CBN) as all banks accounts are now linked with the NIN.

Coker-Odusote said the Eight points Agenda of President Bola Tinubu are also anchored on the Country’s digital identity or National identity Number, stressing that for instance NIN was tied to students loans to eradicate duplicity and prevent ghost beneficiaries.

Coker-Odusote expressed delight in the partnership with the NCoS, saying that the Commission had already entered into partnership with the Nigeria Immigration Service, NIS and other agencies in order to facilitate the smooth delivery of their constitutional mandates.

She commended Dr Olubunmi Tunji-Ojo, minister of Interior, for his dynamic leadership and role in ensuring the delivery of dividends of democracy to Nigeria through various reforms.


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