Bitcoin Startup BitX Rebrands as ‘Luno’ with New Offerings

Singapore-based bitcoin startup BitX has expanded to Europe with offices in London, under the new banner name of Luno.

‘Luno’ is a direct nod to a popular expression in the bitcoin community: “To the moon!”, one that reflects the company’s continued focus and mission to aid in bitcoin adoption, the startup says.

“Our new brand and product offerings are better aligned with this vision and will help drive our mission of bringing Bitcoin to everyone, everywhere,” said Marcus Swanepoel, CEO of Luno.

While providing a bitcoin wallet globally, Luno functions as a bitcoin exchange in a select number of countries. With a presence in Asia and Africa, the countries are Indonesia, Malaysia, Nigeria, Singapore and South Africa.

The rebranding is followed up with a new website and revamped mobile applications. The startup has also launched a new feature enabling bitcoin purchases with a credit card. Currently in beta, the offering is only available to users in Canada, India and a majority of Europe, formed in partnership with bitcoin services provider Simplex.

Further, Luno has also revealed its selection by the UK’s Financial Conduct Authority (FCA) to participate with testing of its products in the latter’s sandbox environment. Specifically, Luno will focus on the use of its ‘Fast and Low Cost Offsetting Network’ (FALCON) protocol to help licensed remittance businesses move the pound to other regional European currencies with Bitcoin as means of settlement.

In statements, Swanepoel claimed:

We believe that decentralized digital currencies like Bitcoin will fundamentally change how the world views and uses money. Cheaper, faster and safer transactions; more privacy and financial freedom; a significantly better user experience; and ultimately, more equality by giving everyone in the world access to the same financial system.

Founded in 2013, Luno, formerly BitX, raised $4 million in a Series A funding round in mid-2015. Additional funding followed near the end of 2015 from an Indonesian venture fund as a part of the startup’s efforts to gain a strategic presence in Southeast Asia.

BitX’s rebranding effort comes within a week after Argentinian bitcoin startup and wallet provider BitPages rebranded into becoming ‘Ripio’.

Featured image from Luno.

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