Luno names new CEO as it prepares for public listing and enlarging its investment base

Luno co-founder Marcus Swanepoel has retired as CEO to become the company’s executive chairman in a move to generate funding and prepare for public listings. James Lanigan, the company’s chief operating officer, who has been a functioning staff in the last five years, has been named the new chief executive of the cryptocurrency exchange and wallet provider.

According to Luno, Swanepoel would work alongside Lanigan to guide the company’s vision and strategy while focusing on broadening its investor base in supporting the company’s forthcoming growth.

Moreover, Canaccord Genuity Group was hired to dispense new institutional and prudent investors with Digital Currency Group (DCG) to fund scaling, advocate expansion, heighten market gains, and prepare the company for an eventual public listing.

The business is a fully owned investment of DGG, which acquired the cryptocurrency exchange company in 2020 following its Series B funding round and after its initial investment in its seed round in 2014.

The wallet provider disclosed that DCG made provisions for capital, strategic guidance, and other assets to unfold its business model. DCG founder and CEO Barry Silbert stated, “DCG supported Luno scaling to $100 million revenue with a 40% operating margin and more than 11 million wallets across 40 countries.

Having first invested in Luno’s seed round in 2014, followed by an acquisition in 2020, we want to thank Marcus for his dynamic leadership and enduring enthusiasm for the global crypto landscape as he transformed the company into a digital asset powerhouse.”

He added, “With James at the helm and strategic partnership from Marcus in his new role as Executive Chairman, we look forward to supporting Luno in its ambitious and continued growth journey.”

The Digital Currency Group was caught up in a disagreement over the bankruptcy of crypto lending subsidiary Genesis Global with the cryptocurrency exchange leading business. While the two companies reached an agreement in February, the US Securities and Exchange Commission charged both companies with securities law violations in January.

Luno offered a similar interest-earning “savings account” for which the SEC is going after Gemini, with Genesis as a partner. However, unlike Gemini, it was able to avoid catastrophe. Luno killed its Savings Wallet product two weeks after Genesis halted redemptions before it went into bankruptcy. Also, the funds of its Savings Wallet customers were made accessible for withdrawal, while it was denied for Gemini Earn users.

“Co-founding and serving as the CEO of Luno for the past ten years has been the greatest honor of my career, and I’m excited for our next chapter as we continue to put the power of crypto in everyone’s hands”, said Swanepoel.

“The opportunity for crypto is bigger and brighter than ever, and James is a seasoned operator and an outstanding leader with a track record of success across all aspects of running a truly global fintech business”, he added.

Remarking this, he affirmed that he is confident James interest in deepening the company’s trust with customers and key stakeholders alike, encouraging both Luno and the industry forward.

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James Lanigan’s impact at Luno

Lanigan helped make Luno a top brand across multiple markets by building local teams throughout Africa, Europe, and Asia Pacific and developing Luno’s product portfolio. He cannily supervised operations, commercial, countries, product, marketing, and customer success departments.

Before joining the cryptocurrency business in 2018, Lanigan functioned in senior commercial, operational and marketing roles across multiple industries. He has previously served as the chief marketing officer at “Bookatable“, now “TheFork”, a global online restaurant reservation platform acquired by Michelin in 2016.

Lanigan noted, “It has been a privilege to serve alongside a founder and leader as strong as Marcus, who cares so deeply about making a positive impact for our customers and employees.

I am passionate about continuing to help Luno build the products and services that guide our customers in a responsible way along every step of their crypto journey, while maintaining our dedication to trust, security and compliance.”

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