KUALA LUMPUR – Luno, the first Securities Commission-approved digital asset exchange in Malaysia, announced today that the company has processed over RM 827 million worth of transactions in Malaysia since its relaunch in 2019.
As the largest digital asset exchange in Malaysia with more than 180,000 users and over 90% of the local regulated digital asset exchange market share, Luno stores more than RM 165 million on behalf of its customers across four approved cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC). The company made the announcement during a live virtual media session.
Speaking during the live virtual media session, Aaron Tang, Luno Malaysia Country Manager said, “It is very encouraging to receive such a great reception from Malaysian customers. Investments in cryptocurrency have been increasing steadily in Malaysia with many investors looking to cryptocurrencies as a good store of value or a start to their investing journey.
On Luno, 68% of users buy cryptocurrencies for investment purposes as they look for alternative investment vehicles to diversify their portfolios — with the majority of activity in Malaysia coming from users between 30 to 49 years old.”
He continues, “Customer security and usability is the center of all our efforts and focus. Wewant to remove all the difficulties and hassle, which is why we introduced deposits via FPX, to improve user experience by providing an option for instantaneous transactions. We have also launched a Repeat Buy feature, allowing users to schedule automatic cryptocurrency purchases conveniently.”
In September 2020, Luno was acquired by New York-based Digital Currency Group (DCG).With the backing of DCG, the company hopes to fulfill its vision of upgrading the world to abetter financial system.
Among other updates on Luno are new trading signals in partnership with a blockchain intelligence company IntoTheBlock, an improved trading view on the desktop application and the recently introduced stop-limit and market orders. In addition, Luno has expanded its cryptocurrency offerings in Malaysia from BTC and ETH (during its relaunch) to adding XRP and LTC.
Luno was the first digital asset exchange to receive full approval by Securities Commission (SC) Malaysia, relaunching its operations in October 2019. 2 In collaborative efforts with the SC, Luno has also generated a collection of informational content aimed to educate Malaysians on safety and risks of trading digital assets.
“Over the last few years, the infrastructure that allows people to invest in cryptocurrencies have come a long way. Regulated cryptocurrency exchanges must meet stringent anti- money laundering laws and investor protection requirements. Luno has provided simple access users from all walks of life who are now able to directly access powerful online trading tools, which have historically been limited to professional investors.”
“Moving forward, we hope the innovation, democratization and expansion of access brought about by regulated cryptocurrency exchanges, as well as continued governmental recognition of the services, will provide a conducive environment for users to purchase and trade digital assets safely,” said Aaron.