Luno customer growth in Malaysia has increased 300% quarter-on-quarter with over half a million customers and close to RM4 billion in total transactions.
Luno, the first Securities Commission-approved digital asset exchange in Malaysia, announced today that the company is now managing more than RM1 billion of digital assets. The milestone was achieved after less than two years since the company relaunched in Malaysia in 2019. Luno Malaysia’s digital assets under custody comprises four approved cryptocurrencies — Bitcoin (BTC), 62%; Ethereum (ETH), 23%; Ripple (XRP), 10%; and Litecoin (LTC), 5%.
At the same time, Luno 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 indicating a positive trend of cryptocurrency demand in Malaysia.
“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.
“The past twelve 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.”
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. It has become more attractive to investors amidst inflation concerns as a result of increased fiscal and monetary stimulus.
David Low, general manager of Luno South-east Asia 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.”
“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 1 billion global customers by 2030.”