Blockchain/Bitcoin

Luno Offers Bitcoin Cash for Trading Following Approval From the SC

by Fintech News Malaysia May 5, 2021

Luno announced that it is the first digital asset exchange in Malaysia to be approved by the Securities Commission Malaysia to offer Bitcoin Cash (BCH) for trading on its platform.

Chin Wei Min, Executive Director for Digital Strategy and Innovation at Securities Commission Malaysia (SC) had revealed during Fintech News Malaysia’s 8th episode of Fintech Fireside Asia series that they have provisionally approved Bitcoin Cash as the 5th crypto to be traded on a regulated platform.

Bitcoin Cash is now part of Luno’s growing list of digital asset offerings in Malaysia which includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).

The cryptocurrency was launched in August 2017 due to a fork, a community-activated update to the protocol or code, of the original Bitcoin blockchain.

The main motive of the fork was to increase the block size in the blockchain from 1MB to 32MB to facilitate faster transactions.

As a result, Bitcoin Cash is regarded by some as a faster and cheaper system alternative to Bitcoin. Similar to Bitcoin, Bitcoin Cash has a maximum supply of 21 million with more 18 million in current circulation.

Bitcoin Cash is one of the most widely traded cryptocurrencies in the world with a market capitalization of US$ 18,767,589,942.

Aaron Tang

Speaking about the introduction of Bitcoin Cash on Luno, Aaron Tang, Luno Malaysia Country Manager said,

“As more Malaysians get involved in cryptocurrency, Bitcoin Cash adds another option to diversify their portfolio. On top of that, Bitcoin Cash is in the top 15 of the most traded cryptocurrency globally.

 

We only list safe, reputable digital assets that have the utility benefits our customers want, which is why we have introduced Bitcoin Cash after seeking approval from the Securities Commission Malaysia.”