Luno adds Avalanche and Polygon for trade

Luno, the crypto trading platform and exchange, is adding two more digital tokens to the portfolio of cryptocurrencies available for its clients.

Avalanche (Avax) became available to Luno clients from Thursday while Polygon (Matic) will be made available during the second quarter. Both Avax and Matic are more scalable than other coins and appeal to developers who are looking for a cheaper platform to build on.

Avax is a decentralised, open-source proof of stake blockchain with smart contract functionality that is designed to be faster and cheaper than ethereum, processing more than 4,500 transactions per second. Matic is a “layer two” or “side chain” scaling solution that runs alongside the ethereum blockchain, allowing for lower transaction costs due to its potential to handle up to 65,000 transactions a second.

“We surveyed over 6,800 Luno customers, who told us they want to easily invest in Avax and Matic,” said Luno SA country manager Christo de Wit. “Giving them access to two more large-cap alt-coins is an opportunity to further diversify their crypto portfolios.”

Avax and Matic join Luno’s existing suite of crypto assets — Bitcoin, ethereum, Ripple, Bitcoin cash, Litecoin, USD Coin, Chainlink (Link), Uniswap (Uni), Cardano (ADA) and Solana (Sol). However, the platform says that while it undertakes a thorough process when adding digital tokens to its exchange it does not endorse any particular digital asset.

“The Luno investment app is designed so that each one of our 11-million customers worldwide has easy access to all the information they need to make the best decision for themselves,” De Wit said.