Unlike what many people may think, Luno is one of the oldest Bitcoin exchanges in the World. Formerly known as BitX, Luno was established in 2013 in the UK and maintains operations in over 40 countries. With time, Luno has built a reputation and is now well-known for being one of the most affordable Bitcoin exchanges in the world.
Luno recently made investing in cryptocurrency a whole lot cheaper in South Africa, thanks to its support for Ethereum. Before the company began its support for Ethereum, South Africans wanted to buy ether, or other altcoins, would need to go through a cumbersome process to have access to these cryptocurrencies. South Africans had to purchase bitcoin from Luno, send it to another cryptocurrency exchange like Bittrex or HitBTC, and then buy the cryptocurrency they were looking for. Apart from being a cumbersome process it also carried extra costs with transaction fees and usually would take a lot of time. By adding support for Ethereum, Luno has made it possible to buy ether instantly, and in the process enabled cheaper access to other currencies.
Ethereum has a number of advantages over Bitcoin as a transactional currency, including faster confirmation times and lower transaction fees. With this new addition to the exchange, Luno is now enabling Ethereum purchases to be available in the South African rand and investors in the country can spend less when buying other cryptocurrencies.
For now, South Africans can only purchase or sell Ethereum through the instant service, but exchange support is soon to be made available as well. Luno Stated: […]