Luno Surpasses RM1 Billion Digital Assets Under Custody in Malaysia
Luno, the first Securities Commission-approved digital asset exchange in Malaysia, announced today that the company is now storing more than RM1 billion of digital assets on behalf of its customers. The milestone was achieved after less than two years since the company relaunched in Malaysia in 2019. Luno Malaysia’s digital assets under custody (AUC) comprises four approved cryptocurrencies — Bitcoin (BTC), 62%; Ethereum (ETH), 23%; Ripple (XRP), 10%; and Litecoin (LTC), 5%.
Aaron Tang, Luno Malaysia Country manager said, “It is promising to see Malaysians getting involved with cryptocurrency. Interest in cryptocurrency has been on an upward trend in Malaysia with many investors looking to cryptocurrencies as an alternative store of value or a start to their investing journey. While a lot of the attention has been around institutional adoption, global retail involvement, including Malaysia, has been growing at a tremendous pace too.”.
The 2020 spike bitcoin experienced was also accelerated by its growth in global adoption as the number of global cryptocurrency users surpassed 100 million in Q3 2020. Since Luno’s acquisition by Digital Currency Group (DCG) in September of 2020, Luno has seen the number of active global users increase by 167%, whilst the number of app installs has increased 119%.
The beginning of 2021 marks the start of a period of exponential growth for Luno. This growth is in part down to the simplicity of its online and mobile platforms, offering education, bank-grade security and self-regulation, along with its proactive stance of working with governments, regulators and banks to safely increase access to cryptocurrencies around the globe.
David Low, Luno Southeast Asia General Manager said, “The pandemic has exacerbated the need for digital currencies, and here at Luno, our mission is not only to help educate people about cryptocurrencies and how to use them today, but in the long run leverage the power of this technology to upgrade the world to a better financial system. We want to make cryptocurrencies accessible in a secure and compliant way to everyone, regardless of who they are or where they are located. In 2021, we expect to continue this exponential growth, on track to reaching our goal of 1 billion global customers by 2030.
(This content is surmised from a press release)