South Africa: Timothy Stranex and the Success of Luno, a Cryptocurrency Trading Platform

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Cryptocurrency trading platform “Luno” which was launched in 2014 as a small business but has now turned into a multi-million business. Mr Stranex stated that the technology has increased immensely since its launching. According to him, that’s remarkable for a new business and this feat seem to match the explosive growth of digital currencies such as Bitcoin.

Luno which was originally launched as BitX is a digital currency application that has been applauded as SA’s first Bitcoin wallet. Its users can buy and sell Cryptocurrency through it, and it has stood out in a crowded international market thanks to a simple interface and a secure offline vault that stores Bitcoin. This small technology on its launching now operates in more than 40 countries. These countries are in different continents like Asia, Africa and Europe.

This technology was not initially accepted in many countries but today it has its main offices in Singapore and Cape Town and has also attracted interest from so many other countries.

Stranex is a BSc graduate from the University of Cape Town. He began his career as a software engineer at Google in Switzerland. He worked on Google Maps during his four years at the company, while also completing his masters in theoretical physics from the University of Zürich.

Stranex stated he first heard about Bitcoin in late 2012, when it made headlines for reaching “bubble” prices of around US$15. “Initially I ignored it, but after hearing about it a few times, I dug deeper, read about how it worked and tested my first transactions. I was fascinated by the concept and the early community, and wanted to be involved.”