Naspers-backed Crypto Luno acquired by Digital Currency Group
Naspers Ltd.-backed cryptocurrency exchange Luno has been acquired by New York-based digital asset investment firm Digital Currency Group, according to a company release seen by Bloomberg.
Terms of the deal were not disclosed. DCG has backed more than 160 blockchain companies and is the parent of units including asset manager Grayscale Investments, crypto broker Genesis Global Trading and industry publication CoinDesk, the release said. DCG first invested in Luno in its seed round in 2014, the release said.
Luno, based in London with hubs in Singapore and Cape Town, has almost 400 employees and more than five million customers, according to the report. The firm is also backed by technology investor Naspers, as well as others including Balderton Capital UK LLP, Rand Merchant Investment Holdings Ltd. and Venturra Capital, according to Luno’s website.
Luno will continue to be led by CEO Marcus Swanepoel, the release said.
The acquisition comes amid a recent downturn in the price of bitcoin from around the $12,000 level. The digital coin has dropped 17% from its most recent mid-August peak and was trading at $10,181 at 11:05 a.m. in London.