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South African cryptocurrency-king Luno incorporates USDC onto platform; what this means

South Africa’s leading cryptocurrency exchange platforms, Luno, has announced incorporating USDC as a stablecoin to back its chest of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple XRP.

The new incorporation by the cryptocurrency startup will help it guarantee its users of running a secured venture.

Speaking with the press, the CEO and founder of Luno, Marcus Swanepoel, described the addition of the USD Coin as an exciting move for both the company and users.

He said: “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.”

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What is a USDC:

USD Coin (USDC) is a digital stablecoin that is pegged to the United States dollar and runs on the Ethereum blockchain.

What does this mean for Luno customers?

Since a USDC is a stablecoin that is tied to the US dollar, the development will provide Luno users the opportunity to store their wealth in the world’s reserve currency.

This becomes plausible as dollar showcases consistent dependability when compared to volatile currencies such as Bitcoin and Ethereum.

Luno customers can now trade the coin for instate buy alongside the current offerings of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple XRP.

What you should know:

  • Luno is one of South Africa’s leading crypto currency exchange platform.
  • Luno currently operates in 40 countries including Nigeria with about 6million users.
  • Volatile currency/Currency volatility, also known as foreign exchange or FX volatility, is the unpredictable movement of exchange rates in the global foreign exchange market.
  • Contrary to Bitcoin and Ethereum that are volatile currency options, US stablecoin are less volatile because their prices are backed in a ratio of 1:1 to the US dollar.
  • US stablecoin is safe and one of the best regulated stablecoin currently in the market.

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About the author

Ridwan Adelaja

Venture analyst focusing on African tech startups, founders and the Big Five ventures: Amazon, Facebook, Apple, Google and Microsoft.

He also takes time out to showcase amazing African thought leaders. Before coming to maintain his spotlight column on Quillcastle Nigeria, he anchored Youngfrica TV Show on CBA TV during his stay in Hargeisa, Somaliland.

Tel: +2348025300029

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