[South Africa] Luno expands crypto offering to include Avalanche (AVAX) and Polygon (MATIC)
Crypto exchange platform Luno is adding two more crypto investment opportunities to its platform - Avalanche (AVAX) and Polygon (MATIC).
AVAX is available on the Luno app and website from today. Avalanche is a decentralised, open-source proof of stake blockchain with smart contract functionality that is designed to be faster and cheaper than Ethereum, processing over 4,500 transactions per second.
MATIC will be available this quarter. It is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain - allowing for lower transaction costs due to its potential to handle up to 65,000 transactions per second. Both AVAX and MATIC are more scalable than other coins and appeal to developers who are looking for a cheaper platform to build on.
AVAX and MATIC follow Chainlink (LINK), Uniswap (UNI), Cardano (ADA) and Solana (SOL) which were added to Luno’s investment platform in 2022. Christo de Wit, SA country manager at Luno, says, “We surveyed over 6,800 Luno customers, who told us they want to easily invest in AVAX and MATIC. Giving them access to two more large-cap altcoins is an opportunity to further diversify their crypto portfolios.”
Luno undertakes a thorough process when adding assets for customers to invest in or trade, based on stringent technical and legal criteria. This process is not intended as an endorsement of a particular asset, or its potential as an investment. Luno recommends that customers should always do their own research and exercise good judgement.
“The Luno investment app is designed so that each one of our 11 million customers worldwide has easy access to all the information they need to make the best decision for themselves,” says de Wit, “As the crypto market matures it will emerge as an essential part of a balanced long-term investment strategy.
“Much of the recent attention around the market has focused on short-term swings, which actually detracts from its long-term investment potential. By adding these coins to our platform, we are giving users the chance to safely and easily explore more coins.”