Luno, a leading crypto investment app and exchange, sought to strengthen the reliability and scalability of its digital asset infrastructure. Existing solutions on the market delivered inconsistent uptime, relied on outdated multi-signature technology, and could not meet Luno’s ambitions to expand its asset offerings, integrate with new partners, or support future product innovation. Luno has been working with Fireblocks since 2022, leveraging its market-leading MPC (“multi-party computation”) wallet infrastructure. Fireblocks enabled Luno to scale its coin and token offering by 200% while significantly improving operational performance and uptime.
The Challenge: Incompatibility with other solutions
Luno had tried a number of solutions to support its digital asset storage offering, but encountered a level of service interruptions incompatible with its goal of being the most reliable crypto platform on the market. Many market solutions had outdated multi-signature infrastructure and were unable to cater to Luno’s expanding needs moving into the future.
Luno was looking for a partner able to scale its coin offerings and capable of integrating with other partners, such as staking service providers and regulatory compliance fintechs, with the goal of creating operational efficiencies in the back office and compliant products that customers want.
A Scalable and Secure Solution
Fireblocks enables Luno to securely scale its coin and token offering 200% while providing a level of uptime that has enabled Luno to have better control over its digital asset storage. If Luno built this in house, they’d be years behind. With Fireblocks, it happens in weeks.
“Fireblocks gives Luno credibility through its focus on security, compliance, and regulation.”
Priyesh Singh
Head of Global Sales
Luno currently uses the Fireblocks wallet infrastructure for the storage of digital assets, but also uses the system for staking service provider integration. Fireblocks was instrumental in Luno’s ADA and ETH staking product and will be to future plans to expand the staking offering to include other cryptocurrencies. Luno is at the early stage of connecting to v2 of Network Link, which will enable the company to use the latest infrastructure and give access to over 1800 businesses for trading and direct settlement between third party venues.
Results
Luno is one of the fastest growing crypto exchanges, and one of the world’s only crypto trading platforms committed to providing 100% Proof of Reserves. The exchange supports millions of dollars in daily trading volume and is constantly looking to improve the customer experience, which means being able to securely connect to a robust set of counterparties and liquidity providers. The Fireblocks Network Link provides customers with instant settlement across their connected exchanges, including direct deposits and withdrawals between their third party exchange accounts, the ability to view balances across their portfolio, and to track the status of deposits and withdrawals.
Future
Luno has a fundamental belief that the infrastructure being developed in tandem with partners such as Fireblocks will become the future of not just crypto investing, but for the entire Financial Services Industry globally.
“Fireblocks does not just provide solutions, they bring the right players together. They are central to what is happening in digital assets today.”
Priyesh Singh
Head of Global Sales
Having pioneered the local fiat-crypto rails, Luno owns the liquidity. Where cash was king, now it is liquidity. Combining this with Fireblocks’ Network Link and regulatory approved processes provides an instantaneous, cheap way to move millions of dollars at significantly lower risk, all within the same secure custody environment. “What normally takes three to five business days via fiat-rails black box, which would need to be reconciled and cost up to double digit fees, would be done in minutes, for a fraction of the price, without crossing the FX spread. This represents improved efficiencies of magnitudes.”
