Luno is a global financial service provider and has been around since 2013. It’s a Digital wallet app that allows users to buy, sell, and store cryptocurrencies, including Bitcoin, Ethereum and Litecoin. Luno is one of the top-rated and most popular apps among all cryptocurrency trading platforms available in the market today.
So how does Luno make money? What is the business model of Luno? This article will give you a detailed insight on the same.
Luno makes money through transaction fees and conversion rates. It also generate revenue through its own token (LUNO). The company has a simple but effective business model that has allowed it to become one of the leading digital currency exchanges in operation today.
Luno is a cryptocurrency platform that allows you to buy and sell cryptocurrencies and also use its services to store, trade and invest in digital assets. Luno’s mission is to make it easy for people to get involved in the blockchain economy.
Easy access to cryptocurrencies: Luno makes it easy for you to buy and sell cryptocurrencies, as well as use its services to store, trade and invest in digital assets.
Competitive commission rates: Luno charges competitive commission rates, making it an ideal platform for traders who want to make money from their investments.
Secure platform: Luno takes security seriously, ensuring that all user data is protected by 256-bit encryption.
The company has an app that ease the process of buying and selling crypto. Watch the tutorial below on how to use the Luno app.
The company makes its money by charging commissions for the various transactions facilitated on the platform as well as through the sale of its tokens (LUNO).
Luno provides cryptocurrency exchange services in countries where there are no other major crypto exchanges. Notably countries like Brazil, South Africa, Malaysia and Indonesia where it has gained popularity.
Deposit Fees
Luno charges a small fees when users top up their wallets. The fee percentage depends with the country as well as the method used to deposit.
For instance, in South Africa, they charge R 20.00 + 5.00% for all cash deposits and 1.4% when Instant EFT is used. In United States, depositing which is made via bank transfer is free.
Trading Fees
Trading fees are charged when users are buying or selling cyrpto on the platform. The charges also vary from one country to another.
For example, in Australia, South Africa, Nigeria, the trading fees are 2% of the amount involved. On the other hand, users from other countries like Singapore, US, and Indonesia will be charged 0.75% per trade.
Withdraw Fees
In most countries, Luno will not charge withdrawals. But in others like Indonesia they charge about Rp 15,000.00 on all bank withdrawals,
LUNO Token Sales
In order to make money from the sale of LUNO tokens, it needs to hold a minimum number of LUNO tokens. This minimum holding requirement ensures that token holders have an interest in the long term success of the platform.
The total volume of trades within the platform is kept as low as possible. This keeps the fees as low as possible. LUNO tokens will be used to pay for all trading fees on the Luno exchange, including its platform commission and transaction fee.
To ensure this minimum number of tokens are held, there will be a small amount of LUNO locked in escrow at the issuance time.
Luno is a digital asset exchange, founded in 2013 by Jeremy Allaire and Sean Neville. It is headquartered in Toronto, Canada.
Luno offers a user-friendly platform for exchanging Bitcoin, Ethereum, and other digital assets. Users can buy and sell cryptocurrencies and fiat currencies with Luno’s simple interface.
In addition to allowing users to buy and sell cryptocurrencies, Luno also offers a debit card that allows users to spend their cryptocurrencies at over 40 million merchants worldwide.
Luno added support for Litecoin, making it the largest digital asset platform to support the second most popular cryptocurrency after Bitcoin. The addition of Litecoin will allow Luno users to easily buy and sell Litecoin alongside Bitcoin, Ethereum, and other supported cryptocurrencies.
It also offers a loyalty program called the “Luno Rewards Program” which rewards users for using the Luno platform. The rewards range from gift cards to discounts on purchases made with the Luno debit card. In September 2017, Luno announced it had raised $9 million in Series B funding with Balderton Capital as the leading investor. This funding will be used to expand the reach of the Luno platform globally as well as improve the user experience.
Luno recently announced it has launched the LitePay Card which is a Visa like debit card that users can use to make payments with Bitcoin, Ethereum, and Litecoin.
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