However, in the 60+ age bracket, a greater percentage of women – about 46% – are active on Luno.Īfrican customers hold their crypto for an average of 9 months, which is much longer than two years ago, with the exception of traders, who would naturally be more active, Ball says. In line with the gender split in traditional financial services, more men are buying crypto in Africa than women, with about 30% of the activity in the 18–29-year age bracket from women.
The local buyers are almost a mirror image of the global picture.
In some sense, this is in line with traditional financial markets where investors avoid risk and move to cash during periods of uncertainty.” Once volatility has cooled down, traders will typically move from USDC back into crypto such as BTC. “ When crypto prices fall, some customers buy into USDC to shield themselves from further market volatility. USDC, a cryptocurrency linked to the US dollar, is the least popular on Luno’s platform, in line with its status as a stable coin.”īall says customers bought USDC during the market dip in the past few months. “ The greatest increase so far this year in demand is XRP, with a 25% price surge within a single week. Almost 80% of the transactions on Luno are from people buying crypto, which provides a rough indication of how bullish customers are on the top three coins. Africa’s most popular crypto coinsĪccording to Ball, the most popular crypto coins in Africa are Bitcoin, Ethereum, and XRP, with more customers buying than selling. Luno allows customers to buy crypto for as little as $1 USD in line with its mission to ensure wider access and encourages people to start with smaller deposits while they learn more about crypto. “ Most customers start with a relatively small deposit, while the top 25% of our biggest local customers start to buy crypto at around $65 USD and the highest deposit amount among our smallest 25% of customers is only around $3.40 USD.”īall says these metrics are good news for Luno, as they indicate that Africans are investing in crypto responsibly. We’re extremely pleased to see new signups continue to register with Luno as we head into the next six months of the year.” Customer behaviour in AfricaĪfricans usually start with an average first deposit of $14 USD, an increase since the dip in Bitcoin in November last year, Ball says. “ Over the past year, Luno has verified more than three million new users worldwide. Africa is one of our strongest markets, with over 55% of the new customers added in the last six months being based on the continent. Richard Ball, Lead Data Scientist at Luno
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