It’s time to rejoice - we’re launching our ETH/NGN pair. This means you can now buy Ethereum using Nigerian Naira on the Luno Exchange. Previously, it was only possible to buy Ethereum using Bitcoin or Naira through our instant-buy option.
Today we’re launching into post-only mode 🚀 On 29 October, we’re going to launch the ETH/NGN trading pair into live mode and orders will execute on the Exchange.
If you’re wondering what this all means, here's a quick overview:
The post-only orders post to the Exchange’s order book but don’t execute. They sit on the order book to be charged a Maker Fee if they are filled. Once we’re live you’ll be able to create market orders to execute at the current price and the post-only orders will go live.
All about Ethereum
Ethereum is a public, peer-to-peer network (known as a blockchain) with its own cryptocurrency called Ether. Vitalik Buterin created Ethereum in 2014 as a platform on which smart contracts could be built and run. We view Ethereum as far more than just a cryptocurrency, and simply put, Ethereum is intended to be a world computer.
Ethereum is the second-largest ‘cryptocurrency’ in terms of market cap, and its practical applications are vast in comparison to others. Where Bitcoin stores a list of balances and transactions on its blockchain, Ethereum is designed to store different types of data.
This data can be used by computers running on the Ethereum blockchain. These programs are called decentralised apps, or dApps. Another significant difference between Bitcoin and Ethereum is that the supply of Bitcoin is capped at 21 million. Meanwhile, Ethereum is not capped to any specific quantity.
Developers around the world can build and run decentralised applications on the Ethereum blockchain. The purpose of these is to improve finance, personal information storage, governance, and other industries by using the transparent nature of blockchain.
There are a host of unique use cases for Ethereum aimed towards automating daily processes and removing the middlemen from the systems we use, making everyday life more efficient and cost-effective. These range from legal and finance, to medical and more.
Why should you care?
We’ve made it easier, cheaper and faster for you buy and sell Ethereum. We’ve added more freedom for you to choose your preferred buy and sell method. You no longer need to convert your Nigerian Naira into Bitcoin in order to trade Ethereum on our Exchange. Now, it’s as easy as can be with the new ETH/NGN trading pair.
Want to learn more about Ethereum? We’ve got you covered in our Learning Portal.