Digital asset exchange service, Luno is now managing more than RM1 billion in digital assets under custody comprising of four approved cryptocurrencies — Bitcoin (BTC), 62 percent; Ethereum (ETH), 23 percent ; Ripple (XRP), 10 percent ; and Litecoin (LTC), 5 percent.
Additionally, Luno has surpassed half a million verified users in Malaysia with an influx of new users in the latter parts of 2020 representing over 300 percent quarter-on-quarter (Q-o-Q) customer growth and RM3.97 billion in total transactions indicating a positive trend of cryptocurrency demand in Malaysia.
Luno Malaysia Country manager, Aaron Tang said it is promising to see Malaysians getting involved with cryptocurrency and the interest in cryptocurrency has been on an upward trend in Malaysia with many investors looking to cryptocurrencies as an alternative store of value or a start to their investing journey.
“Our aim was not only to provide Malaysians with a safe and convenient platform to buy, sell, and hold cryptocurrencies but also to educate them about this exciting technology when we relaunched in Malaysia in 2019.
“The past twelve months have hastened the adoption of cryptocurrency globally. While a lot of the attention has been around institutional adoption, global retail involvement, including Malaysia, has been growing at a tremendous pace too,” Aaron said.
In the meantime, Luno Southeast Asia General Manager, David Low said the outbreak has exacerbated the need for digital currencies, and it is their mission is not only to help educate people about cryptocurrencies and how to use them.
“In the long run leverage, the power of this technology to upgrade the world to a better financial system and we want to make cryptocurrencies accessible in a secure and compliant way to everyone, regardless of who they are or where they are located,” he added.
