Wednesday, 12 August 2020

Cryptocurrency platform Luno forays into Italy

Digital currency platform Luno has bolstered its European presence by expanding into the Italian market.

In announcing the launch, Luno cited its own research.

According to the research, 14% of Italians own a cryptocurrency while 42% are interested in purchasing the same.

People aged between 18 and 34 years are particularly familiar with cryptocurrency, with Dash being the most popular among this consumer segment.

Overall, Bitcoin has Italy’s largest market share at 73%.

Ethereum and Ripple holds 28% and 21% of the Italian market, respectively.

Simultaneously, Luno teamed up with Cointelegraph Italia to host lectures regarding cryptocurrency in over 15 universities across Italy.

The move is said to cover various regions of the country such as Roma Luiss, Roma Sapienza and Bocconi.

Luno country manager Italy Maria Woncisz said: “With Italy boasting a healthy appetite for cryptocurrency and the desire to learn more about the digital currency landscape, launching in Italy was the natural next-step as part of our global expansion.”

“At Luno, we always strive to educate our users on the many capabilities and potential this exciting new technology and digital currency provides.

“The university tour will enable us to speak with the very best young minds in the country, ensuring that the next generation will be as informed as possible about digital currencies and their benefits within the financial eco-system.”

Luno expansion

In September 2017, Luno expanded into into 35 markets following a funding round.

It raised $9m in its Series B funding round that was led by London-based VC firm Balderton Capital.

Apart from Balderton Capital, AlphaCode and Digital Currency Group also participated in the fresh funding round.

The new investors joined the existing investor group include Naspers, who led the $4m Series A round, and Southeast Asian venture capital firm Venturra Capital.

The firm intended to use the funds to focus on improving and refining digital currency experience and also to make it easier to buy, store and learn about digital currencies like Bitcoin.

The start-up added that it will now double its existing team of 70 and hire fresh talents across all units.

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