RM800m cryptocurrency transaction processed by Luno M’sia since 2019

by AFIQ AZIZ / pic by TMR FILE

LUNO Malaysia Sdn Bhd has processed over RM827 million worth of transactions in the country over the last 12 months, said country manager Aaron Tang.

Tang said since its relaunch late last year after being granted full approval by the Securities Commission (SC), the company has registered over 40,000 new accounts, surpassing its 2020 target.

Luno now handles over 180,000 accounts which comprise over 90% of the local regulated digital asset exchange (DAX) market share.

“It is very encouraging to receive such a great reception from Malaysian customers. Investments in cryptocurrency have been increasing steadily in Malaysia with many investors looking to cryptocurrencies as a good store of value or a start to their investing journey.

“On Luno, 68% of users buy cryptocurrencies for investment purposes as they look for alternative investment vehicles to diversify their portfolios — with the majority of activity in Malaysia coming from users between 30 and 49 years old,” he said at the live virtual media session inaugurating the first year of Luno Malaysia’s relaunch.

Tang added that to date, Luno stores more than RM165 million on behalf of its customers across four approved cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).

As of now, only three DAX operators are allowed to operate in Malaysia namely SINEGY Technologies (M) Sdn Bhd, Tokenize Technology (M) Sdn Bhd and Luno Malaysia.