Luno’s Crypto Comeback in Kenya: Targeting a Market of Choice
Luno, a UK-based cryptocurrency company, is making a strategic return to Kenya’s crypto market. This expansion builds upon their existing presence in South Africa, Nigeria, and Uganda, signaling a strong commitment to Africa’s digital financial landscape. The company’s reentry into the East African nation, announced on June 23rd, marks a significant step in its regional growth strategy.
A Decade of Change in Kenya’s Crypto Scene
Luno’s initial foray into Kenya in 2013, then operating as BitX, positioned it as a pioneer in offering cryptocurrency trading services. Competing with both foreign and local startups such as Kipochi, which closed after losing M-Pesa access, BitPesa (now AZA Group), and early peer-to-peer marketplaces like LocalBitcoins and Paxful. However, the market Luno now enters has changed dramatically. Over the last ten years, Kenya has become East Africa’s most dynamic cryptocurrency market. The widespread adoption of mobile money platforms such as M-Pesa, along with increasing smartphone usage and enthusiastic digital adoption among young people, have fueled this growth. This environment presents Luno with a significant opportunity to serve users who seek diverse options within the rapidly evolving crypto space.
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