The partnership creates savings accounts providing institutional-level interest rates to clients in traditional and emerging markets. Luno says these savings accounts will provide traditionally underbanked customers in emerging markets access to banking services via the market infrastructure built for the global crypto currency community, while providing another potential source for generating yield on crypto holdings for customers in all markets.
Genesis hasestablished itself as the largest institutional digital asset lender, with no defaults across the history of its lending business.
“We share Luno’s passion for making it safe and easy – across all segments of the market – to learn about, buy and store cryptocurrencies,” says Genesis CEO Michael Moro. “By combining Genesis’s infrastructure with Luno’s footprint in more than 40 countries, we’re creating a fairer, more inclusive financial system by providing access to interest-bearing products to historically underbanked and unbanked populations.
“We’re operating in a historical context where global fiat monetary policy has produced record low interest rates in traditional money market and savings accounts. The interest customers can earn on their crypto is compelling. It presents an opportunity to attract those unfamiliar with crypto, and to offer them a very clear value proposition.”
Luno CEO Marcus Swanepoel said: “Our partnership with Genesis allows us to offer more diversified financial products to our customers. We’re dedicated to providing innovative financial solutions to consumers all over the world – whether they are in Africa, Asia or Europe – regardless of their local currency. We specialise in making crypto safe and easy to use.”
Leon Marshall, head of institutional sales at Genesis. says that digital currency investors have become increasingly sophisticated, seeking not just liquidity from exchanges, but also a competitive yield on their crypto assets.
“Our global focus has helped us become the largest trading and lending firm in the digital asset space, and we are both privileged and excited to be working with a global leader like Luno,” he said.
Luno currently has over 4 million customers , with a team of over 350, headquarters in London, and regional hubs in Singapore and Cape Town.