DCG is the parent company of Luno and Genesis. Luno is a South African crypto asset service provider that offers custodial , exchange, and yield-generating services.
These wallets operate separately from Luno’s standard custodial service, allowing customers to earn interest on their cryptocurrency balances. On 1 November 2022, it updated the terms so customers would loan their coins to Luno, and it could then choose to lend those funds to Genesis. “Luno may generate a return for itself, by lending such cryptocurrency to its Lending Partners, and such return is independent of any rate of return that Luno may pay to you, in its capacity as principal.”“There is a risk that we will be unable to return to you, an equivalent amount of cryptocurrency to that which you loaned to us at the point in time where you seek to withdraw that cryptocurrency, or at all,” it states.
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Did we not warn you that Luno’s savings wallet terms and conditions were scary? (We did)