It is April 2021 and the global cryptocurrency market has been more vibrant than ever. The same is happening in Malaysia as more traders are warming up to this money market. One of the 3 Digital Asset Exchanges (DAX) authorized by the Securities Commission of Malaysia, Luno has been making inroads through an increase in users and more notably in terms of value.
Quick success since its launch
Luno has been around for quite a while now but it was only in 2019 that it was relaunched (as Luno) before it was awarded the DAX recognition (together with Tokenize and Synergy). It manages crypto-assets on its platform including the 4 approved digital currencies in Malaysia. Bitcoin (BTC) has the highest allocation at 62% followed by 23% of Ethereum (ETC) while Ripple (XRP) takes up 10% and LTC or Litecoin with a 5% allocation.
Numbers won’t lie
The latest report shows just far Malaysians have come in crypto trading. As of April 15, 2021, Luno reported that it was managing digital assets valued at US$240 million. That is well over RM1 billion! It also reported that the Luno platform is now used by more than half a million verified users. Most of the new users started using Luno towards the second half of 2020 at the peak of the COVID-19 pandemic.
In terms of total transactions, Luno also reported a staggering 300% Q-o-Q (quarter on quarter) growth in terms of customer growth. This is translated to nearly RM4 billion in transactions. It must be noted that the SC has reported that the growth in new accounts in Malaysia reached 1000% especially with the price of BTC breaching USD$64,000 in April 2021.