![[South Africa] Luno integrates with Fireblocks for enhanced crypto asset management](/assets/components/phpthumbof/cache/Luno_South_Afric_Africa_Business_Communities.397cdba4b70f1fe02af3fb034d2f2421.png)
[South Africa] Luno integrates with Fireblocks for enhanced crypto asset management
South African crypt investment app Luno has announced that it is leveraging Fireblocks, an enterprise platform for building blockchain applications and managing digital asset operations.
Luno is the first crypto asset service provider in South Africa to use the Fireblocks Network Link, an API standard that enables any crypto exchange to natively integrate into, and add value to, the Fireblocks Network, an enterprise-grade digital asset transfer platform for rapid digital asset transactions and dynamic payment workflows. As a result, crypto exchanges may maintain control of the integration process, as well as how users interact with and experience the platform.
The integration is an interface that, through Luno’s API, enables Luno’s institutional customers to utilise Luno’s services, such as send, receive, trade and settle tokens without having to log into their Luno account every time. Luno says it maintains full control and manages the permissions for customers to utilise its services. In addition, the integration provides Luno’s customers with direct connectivity to more than 1,800 liquidity partners, trading venues, and counterparties once they have onboarded with Luno as business customers.
Aleks Andjelopolj, Luno’s General Manager for Retail and Institutional Product, said, “By leveraging Fireblocks, Luno has taken a significant step towards greater institutional adoption. Customers can instantly access Luno’s services via Luno’s API and the Fireblocks Network Link integration.''
''It is similar to the immediate settlement ability between customers of the same bank in traditional finance. The integration allows Luno to maintain control of how users experience its app and enables customers to leverage crypto rails to facilitate secure, quick, cost-effective and compliant transactions.”
The integration follows the granting of an FSP licence to Luno by the Financial Sector Conduct Authority (FSCA) in April 2024. With a licensing regime now in place in South Africa, institutional investment in crypto is expected to ramp up.
Richard Astle, VP Business Development, Fireblocks Network, said, “Exchanges are a key component of the Fireblocks Network as they serve as fiat on- and off-ramps and trade execution venues. With Luno integrated into the Network, our customers can experience seamless connectivity to their Luno accounts to enhance their liquidity and payment options, with access to one of South Africa’s largest crypto investment platforms.”
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