In 2019 Luno promised that more coins would be available and close on the heels of Bitcoin Cash being introduced, Ripple XRP will now be launched, expanding the Lunoverse for all customers.
Ripple (XRP) the third-largest digital asset with a current market value of US$12.5 billion will soon be able to be traded on the Luno platform, which is a top-ten rated global cryptocurrency exchange and has already handled US$8 billion in transactions. Luno provides investors, traders and businesses the ability to buy, store and learn about digital currencies, in a secure and safe environment.
Luno’s 3.5 million plus users, across 40 plus countries, can already access Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH) but the demand for Ripple has grown, so it will now be available in the Luno wallet and on the exchange as of the 3rd March 2020.
Last year Luno asked a sample of customers which coins they would most like to see added to the platform. The survey found that Ripple (XRP) was the coin they most wanted to buy. The interest in XRP has been building for some time, as many banks and networks use Ripple to provide fast low cost cross-border payments.
Marcus Swanepoel, Luno CEO, commented: “We have always limited the number of coins we offer, only listing digital currencies which have liquidity, are secure and have the utility which will benefit our clients. While cryptocurrencies are still in their infancy, coins like XRP demonstrate the benefits that blockchain based assets can offer. It is always an exciting time for cryptocurrency but 2020 looks as though it will be another very important year for the sector as more and more people use digital coins as part of the day-to-day finances.”
Ripple was launched in 2012 and is an open source real-time gross settlement, currency exchange and remittance network, which is designed to facilitate cost-free cross-border transactions. Ripple’s use of distributed ledger technology is seen as an ideal fit for transparent, fast and effective payments which has led to XRP being brought-in to handle international remittances in a number of banks.
“Ripple is a perfect fit with Luno and the other digital assets we offer as it is the first digital currency to be adopted by mainstream financial institutions. We have always shouted about the benefit digital currencies can give to many millions of people, so to have a coin with a genuine utility function which is being adopted by banks is great news. Offering Ripple on the Luno exchange has potential benefits for thousands of Luno users, especially those in developing markets, who rely on cryptocurrencies to handle money into and out of their businesses.” adds Marcus.
To celebrate the introduction of this important coin to the Luno exchange, all users will be able to trade with a reduced fee for the first 30 days of XRP. Details of this will be shared on luno.com.