Luno boasts a customer base of 600,000 in Malaysia

by NUR HANANI AZMAN

LUNO, the leading regulated digital asset exchange in Malaysia had garnered more than 600,000 customers at the end of November 2021, marked increase of over 233% year-on-year (YoY) from around 180,000 customers recorded at the end of November 2020, indicating a strong consumer demand for cryptocurrencies in Malaysia.

As the largest digital asset exchange in Malaysia, Luno processed over RM12 billion worth of payments in 2021, a 4.3 times increase from the previous year.

At the same time, Luno stores more than RM2 billion in value on behalf of its customers across five approved digital assets — Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH).

Luno Malaysia country manager Aaron Tang said interest in digital assets among Malaysians continued to grow in 2021, with many investors looking to cryptocurrencies as an alternative store of value or a start to their investing journey.

“The increased public awareness of cryptocurrency has encouraged more people to explore cryptocurrency’s other use cases, such as a payment system and purchasing unique digital assets such as non-fungible tokens.

“Hence, we remain optimistic that our customers can achieve their financial goals of growing and preserving their wealth through investing in digital assets,” he told reporters during Luno Year-in Review and 2022 Outlook today.

The total Luno’s active customers in Malaysia has grown by 518% YoY from just over 60,000 in 2020 to 371,000 in 2021.

The majority of activities came from users between 30-39 years old from diverse career backgrounds, including manufacturing, engineering, education, construction, healthcare, accounting, administration, and information technology.

When it comes to use cases, 76% of users buy cryptocurrencies for investment purposes, 15% for trading, 6% for sending and receiving cryptocurrencies, 2% as a payment method, and 1% for other purposes.

Regarding gender demographics, male customers comprise the largest segment at 75%, whereas female participation accounts for 25%. Nevertheless, the growth of Luno’s female customer base has increased sevenfold from 2020.

This shows that female participation in the cryptocurrency space has been growing yearly, thus indicating a positive trend of cryptocurrency investment among female customers in Malaysia.