Relaunched Luno grows its digital assets management in Malaysia
By Digital News Asia April 21, 2021
- Luno reached 588,994 verified users in Malaysia
- Globally, achieved 7 million customers with claimed US$8.23 billion transacted
DIGITAL asset exchange Luno has claimed to manage more than US$242 million (RM1 billion) of digital assets in Malaysia, a milestone achieved in less than two years.
This comes after being relaunched in 2019 as the country’s first Securities Commission-approved digital asset exchange, the company said in a statement.
[RM1 = US$0.242]
Luno Malaysia’s digital assets under management comprises four approved cryptocurrencies — Bitcoin (BTC), 62%; Ethereum (ETH), 23%; Ripple (XRP), 10%; and Litecoin (LTC), 5%.
At the same time, it said that it has surpassed half a million verified users (588,994) in Malaysia, with an influx of new users in the latter parts of 2020 representing over 300% quarter-on-quarter (q-o-q) customer growth and RM3.97 billion in total transactions.
This company said this trend indicates a positive trend of cryptocurrency demand in Malaysia.
“It is promising to see Malaysians getting 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,” said Aaron Tang, country manager of Luno Malaysia (pic).
Tang said that when Luno relaunched in Malaysia in 2019, its 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.
Tang added that the past 12 months has 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.”
Globally, Luno has reached the momentous milestone of seven million customers representing over 300% year-on-year growth in the number of app installs with over RM34 billion transacted.
According to Luno, 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 attractive to investors amidst inflation concerns as a result of increased fiscal and monetary stimulus, the company noted.
The 2020 spike bitcoin experienced was also accelerated by the growth in global adoption as the number of global cryptocurrency users surpassed 100 million in Q3 2020.
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%, whilst the number of app installs has increased 119%, the company claimed.
As of the Jan 25, the average Luno user held over $7,000 USD in their wallet, up 56% from Dec 30 last year, Tang said.
“The pandemic has exacerbated the need for digital currencies, and here at Luno, our 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,” said David Low, general manager of Luno Southeast Asia.
“We want to make cryptocurrencies accessible in a secure and compliant way to everyone, regardless of who they are or where they are located. In 2021, we expect to continue this exponential growth, on track to reaching our goal of one billion global customers by 2030.”
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