Luno now manages over RM1 bln in digital assets
KUALA LUMPUR: Luno, the first Securities Commission approved digital asset exchange in Malaysia, announced that the company is now managing more than RM1 billion of digital assets.
The milestone was achieved a er less than two years since the company relaunched in Malaysia in 2019.
Luno Malaysia’s digital assets under management comprises four approved cryptocurrencies — Bitcoin (BTC), 62 per cent; Ethereum (ETH), 23 per cent; Ripple (XRP), 10 per cent; and Litecoin (LTC), five per cent.
At the same time, Luno has surpassed half a million verified users (588,9941) in Malaysia with an influx of new users in the la er parts of 2020 representing over 300 per cent quarteron-quarter (Q-o-Q) customer growth and RM3.97 billion2 in total transactions indicating a positive trend of cryptocurrency demand in Malaysia.
Aaron Tang, Luno Malaysia country manager said, “It is promising to see Malaysians ge ing involved with cryptocurrency. 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.
“When we relaunched in Malaysia in 2019, 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.
“The past twelve months has hastened the adoption of cryptocurrency globally. While a lot of the a ention has been around institutional adoption, global retail involvement, including Malaysia, has been growing at a tremendous pace too.”
Globally, Luno has reached the momentous milestone of seven million customers representing over 300 per cent Y-on-Y growth in the number of app installs with over RM34 billion transacted.
Luno’s expansion is telling of the bigger-picture market demand for cryptocurrencies globally, as the industry continues to prove its reputation as building a sustainable financial infrastructure.
The cryptocurrency industry has seen a momentous year of growth, heavily spurred on by the entrance of institutional investors adopting bitcoin due to its store of value properties.
The asset has become more a ractive to investors amidst inflation concerns as a result of increased fiscal and monetary stimulus.
The 2020 spike bitcoin experienced was also accelerated by its growth in global adoption as the number of global cryptocurrency users surpassed 100 million in 3Q20. Since Luno’s acquisition by Digital Currency Group (DCG) in September of 2020, Luno has seen the number of active global users increase by 167 per cent, whilst the number of app installs has increased 119 per cent.
As of January 25, the average Luno user held over US$7,000 in their wallet, up 56 per cent from December 30, 2020. Luno was ranked in the top six cryptocurrency exchanges worldwide in the latest CryptoCompare Exchange Benchmark, whilst also receiving the top tier AA rating.
The beginning of 2021 marks the start of a period of exponential growth for Luno. This growth is in part down to the simplicity of its online and mobile platforms, offering education, bank-grade security and self-regulation, along with its proactive stance of working with governments, regulators and banks to safely increase access to cryptocurrencies around the globe.
This growth can also be partly a ributed to the huge growth in interest surrounding cryptocurrencies in 2021 with the likes of Tesla investing in Bitcoin, US Bank BNY Mellon se ing up a Crypto Unit, and Mastercard accepting crypto payments.
When we relaunched in Malaysia in 2019, 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.
Aaron Tang