Naspers-backed crypto Luno acquired by digital foreign money group

Naspers-backed cryptocurrency alternate Luno has been acquired by New York-based digital asset funding agency Digital Foreign money Group, in keeping with an organization launch seen by Bloomberg.

Phrases of the deal weren’t disclosed. DCG has backed greater than 160 blockchain firms and is the mum or dad of items together with asset supervisor Grayscale Investments, crypto dealer Genesis World Buying and selling and business publication CoinDesk, the discharge mentioned. DCG first invested in Luno in its seed spherical in 2014, the discharge mentioned.

Luno, primarily based in London with hubs in Singapore and Cape City, has virtually 400 workers and greater than 5 million clients, in keeping with the report. The agency can be backed by expertise investor Naspers, in addition to others together with Balderton Capital UK LLP, Rand Service provider Funding Holdings and Venturra Capital, in keeping with Luno’s web site.

Luno will proceed to be led by CEO Marcus Swanepoel, the discharge mentioned.

The acquisition comes amid a current downturn within the worth of Bitcoin from across the $12,000 stage. The digital coin has dropped 17% from its most up-to-date mid-August peak and was buying and selling at $10,181 at 11:05 a.m. in London.

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