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Luno Achieves RM1 Billion Digital Assets Under Custody in Malaysia

Luno Achieves RM1 Billion Digital Assets Under Custody in Malaysia

Luno Exchange-techcryption

Kuala Lumpur, 14th April 2021 — 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 management 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.

Aaron Tang, Luno Malaysia Country manager said, “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. 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 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% 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 attractive 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 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 Total Malaysian transactions as of January 2021 increased 119%. As of the 25th of January, the average Luno user held over $7,000 USD in their wallet, up 56% from the 30th December 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.

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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 attributed to the huge growth in interest surrounding cryptocurrencies in 2021 with the likes of Tesla investing in Bitcoin, US Bank BNY Mellon setting up a Crypto Unit, and Mastercard accepting crypto payments.

David Low, Luno Southeast Asia General Manager 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.“

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