Luno’s asset under management crosses RM1 billion mark

Exchange says its verified users in Malaysia stand at 588,994 following the influx of signups in the later parts of 2020

PETALING JAYA: Luno unveiled that its digital asset under management has reached RM1 billion in less than two years from its relaunch in Malaysia after being approved by the Securities Commission.

It revealed the digital assets consist of four approved cryptocurrencies – Bitcoin (BTC) 62%, Ethereum (ETH) 23%, Ripple (XRP) 10%, and Litecoin (LTC) 5%.

Simultaneously, the exchange said its verified users in the country stand at 588,994 people following the influx of signups in the later parts of 2020, which translated to over 300% quarter-on-quarter (qoq) customer growth and RM3.97 billion in total transactions, marking a positive trend of cryptocurrency demand in the country.

“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,” said its country manager Aaron Tang in statement.

The past twelve months has seen a rapid adoption across the globe.

While a lot of the attention has been around institutional adoption, he noted that the global retail involvement including Malaysia, has been growing at a tremendous pace too.

Globally, Luno has reached the seven million customers milestone, representing over 300% year-on-year (y-o-y) growth in the number of app installs and over RM34 billion transacted.

Its Southeast Asia general manager David Low remarked that the pandemic has exacerbated the need for digital currencies. Luno’s mission is not only to help educate people about cryptocurrencies and how to use them today, but in the long run leverage the power of this technology to upgrade the world to a better financial system.

“In 2021, we expect to continue this exponential growth, on track to reaching our goal of one billion global customers by 2030,” he said.