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Cryptocurrency company Luno loses AlphaCode as investment partner

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AlphaCode, the fintech investment arm of Rand Merchant Investments (RMI) has exited its investment in cyptocurrency company Luno.

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Luno, which is a leading global cryptocurrency company that makes it safe and easy to buy, sell, and store and learn about cryptocurrencies with over 5 million customers in more than 40 countries, has been acquired by Digital Currency Group (DCG), a New York-based global blockchain enterprise. The acquiring company, DCG, is a New York-based global enterprise that builds, buys and invests in blockchain companies, and an early investor in Luno.

According to industry insight, RMI, before exiting, had sold its stake for cash in Luno to DCG. Dominique Collett, RMI senior investments executive and head of AlphaCode, who confirmed the development, explained that the exit recorded a gain on the company’s investment.

He said: “We are delighted by this transaction as it is AlphaCode’s first exit and well above our targeted IRR of 25 – 35% for our fintech investments. We have enjoyed working with the Luno team and still believe in the potential of cryptocurrencies and Luno’s solid growth potential.

We supported management selling the business to DCG as it is very well positioned to leverage the platform. We wish the Luno team and DCG all the best and will be watching their future success with interest.”


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