Crypto platform, Luno, has expanded its offering with the addition of USDC, a stablecoin tied to the US dollar, the world’s reserve currency, a move that will guarantee Luno customers the ability to store their wealth in a currency that is historically more dependable.
USDC, sort of a digitised US dollar, allows users to trade across borders without contending with traditional financial institutions and their legacy processes.
Marcus Swanepoel, CEO and Founder of Luno says, “Broadening our platform with the addition of USDC is an exciting move for us and our users. With Bitcoin and others, including Ethereum, reaching all time highs, cryptocurrencies are in the limelight and the opportunity is certainly ripe for investors and traders to take advantage. We are under no illusion that cryptocurrencies like Bitcoin and Ethereum remain a volatile currency option and by introducing USDC, we want to empower our users to hedge against volatility during market dips.
Considered to be the safest and best regulated stablecoin in the market, USDC will be available for Instant Buy and is the sixth digital currency to be added to Luno’s platform, alongside Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple XRP.
USDC is fully collateralized and is held on a 1:1 ratio with the US dollar so for every 1 USDC, the original issuer of the coin holds 1 US Dollar in collateral. Records of its reserves are audited monthly by leading accountant, Grant Thornton, and all available online.
Co-founded in 2013 by CEO Marcus Swanepoel and CTO Timothy Stranex, Luno is headquartered in London with regional hubs in Singapore and Cape Town.
The platform has over 6 million customers in over 40 countries and is backed by some of the world’s leading investors including Balderton Capital, RMI, Naspers and Venturra, before recently having been acquired by Digital Currency Group (DCG).
Introducing this currency will be key for its customers to keep their funds on the platform meaning their money will be there and ready for them to quickly and easily trade or invest, whenever they are ready to do so.