Luno, Shopee tie up to make cryptocurrencies mainstream

by HARIZAH KAMEL/ pic by MUHD AMIN NAHARUL

CRYPTOCURRENCY company Luno Malaysia Sdn Bhd is partnering Shopee Malaysia to offer various incentives on the e-commerce platform that can be converted into cryptocurrencies.

The collaboration will allow customers to access deals, discounts and vouchers on Shopee, which can be purchased and converted into cryptocurrencies like bitcoin and ethereum on Luno, a cryptoexchange platform regulated by the Securities Commission Malaysia. Being a regulated exchange allows the company to explore new ways of expanding access to crypto for users in Malaysia, Luno Malaysia country manager Aaron Tang said.

“An innovative approach is to leverage the breadth and depth of e-commerce players like Shopee. We expect this effort to drive massive awareness and adoption, making it easy for users on Shopee to access crypto and begin their investment journey,” he said in a statement yesterday.

The collaboration is the first of its kind between an e-commerce player and a crypto platform in Malaysia.

Luno, which is based in London, intends to leverage Shopee’s large user base to create awareness and attract new customers by offering a RM15 bitcoin voucher at just RM1.

The move, along with other vouchers available on Luno’s official store on Shopee, is a decisive step to bring cryptocurrencies into the mainstream.

Shopee Malaysia’s Shopee Mall head Kenneth Soh said the tie-up is one of the key reasons why the e-commerce player is able to stay ahead in the industry.

“We strive to make our product assortment as wide and accessible to all. In 2019, Shopee enabled the purchase of properties, cars, food and beverage deals and more on our platform.

“In January 2020, we are now giving our users the opportunity to try their hands at cryptocurrency through this collaboration with Luno,” he said.

The Chinese New Year (CNY) promotion will run on Shopee until Feb 10, 2020, and includes voucher deals as low as 88 sen for new and existing customers.

Simultaneously, Luno is offering discounted trading fees, lowered by 0.2% as part of the CNY celebration for all customers until March 31, 2020, as well as an ongoing trading competition.

The cryptocurrency firm, also the first digital asset exchange in Malaysia, has a team of over 300 and is presently headquartered in London, with regional hubs in Singapore and Cape Town in South Africa.

Meanwhile, Shopee is expected to see an increase in sales this month particularly for bulky purchases driven by the e-commerce platform’s CNY campaign for this year, which ran from Jan 2-28.

It also collaborated with Tesco Malaysia for its Super Brand Day in a three-day campaign to expand the British-founded retailer’s online penetration throughout the country, including in Sabah and Sarawak.