Luno, a digital asset exchange in Malaysia approved by the Securities Commission, announced that the company is now managing more than RM 1 billion of digital assets less than two years since the company relaunched in Malaysia in 2019.
Luno’s digital assets under management comprise four approved cryptocurrencies; Bitcoin (BTC), 62%; Ethereum (ETH), 23%; Ripple (XRP), 10%; and Litecoin (LTC), 5%.
At the same time, Luno reported 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 indicating a positive trend of cryptocurrency demand in Malaysia.
This development is against the backdrop of Securities Commission Malaysia revealing that they saw 1000% growth in new accounts last year and Bitcoin hitting an all-time high of above US$ 63,000 at the time of writing.
Aaron Tang, Luno Malaysia’s Country Manager said,
“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.”
