An update on Luno’s Savings Wallet [UPDATED 1 DECEMBER 2022]
UPDATED 1 DECEMBER 2022
Since Luno was founded in 2013, it’s been our mission to put the power of crypto in everyone’s hands. To do this, we are constantly reviewing our offering to ensure we always provide the best service to our customers in a responsible and safe way.
In light of recent market events, we have concluded that there is no longer a sufficiently significant or stable market to offer Savings Wallet services in a way that meets our rigorous standards.
All Savings Wallets have been closed as of 1 December 2022 and any cryptocurrency that was held in a Luno Savings Wallet has now been moved to the customer’s primary crypto wallet, including all interest earned to date.
This has not impacted your ability to buy, sell or store cryptocurrency with Luno. All other services continue to operate as normal.
We look forward to introducing you to some exciting new products in the coming weeks.
PUBLISHED 16 NOVEMBER 2022
Last week we published this blog, which explains our responsible and transparent approach to running our business, and includes details on the proof of reserves verification we release every quarter that confirms we hold all cryptocurrency on a 1:1 basis. In keeping with that approach, and in light of recent turbulence in the market, we think it is important to provide our customers with a further update.
Earlier today, Genesis announced that its lending arm, Genesis Capital – which historically has been Luno’s Lending Partner for the Savings Wallet – is temporarily suspending redemptions and new loan originations.
We recognise that some customers will be concerned about what that means for Luno. However, Luno has previously taken steps to ensure that customers can retain access to Savings Wallet funds in the event withdrawals from Genesis are not possible. Because of that, all Savings Wallet funds are now on the Luno platform. All customers will retain full access to their cryptocurrency held in all Luno wallets including the Savings Wallet.
Consistent with our commitment to putting our customers first, we’ll continue to provide you with updates in this rapidly moving market. We’re as grateful as ever to have you as a customer, and as excited as ever about our mission to put the power of crypto in everyone’s hands.