Luno Malaysia add more cryptocurrency or digital assets in 2022
Luno Malaysia country manager Aaron Tang said Luno is expected to launch fewer than 10 coins (crypto assets) and is currently working to obtain approvals from the Securities Commission, thus is unable to reveal the names of the crypto assets.
“This (adding of more crypto assets) is actually our number one customer request. We hope by adding more of these coins, it will drive more users to the local regulated platform and help grow the ecosystem in a safe and responsible manner,” he said in the virtual ‘Luno Year-in-Review and 2022 Outlook’ on Thursday.
Apart from new coins, Luno is also going to add Bahasa Melayu in its app, including for educational material. Subsequently, he said other languages will also follow suit.
“In the past two years, it has been challenging to run our education and awareness efforts due to Covid-19 and lockdowns. However, as the situation is improving, we do expect to be doing a lot more education and awareness programs in 2022,” he said.
Tang said there has been a strong consumer demand for cryptocurrency in Malaysia as the company had garnered over 600,000 customers as at the end of November 2021, marking an increase of over 233% year-on-year from around 180,000 customers previously.
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, namely Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH).
Elaborating on its performance in 2021, Tang said Luno’s total active customers in Malaysia grew by 518% year on year 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 and information technology.
“When it comes to using 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,” said Tang.
Headquartered in London with regional hubs in Malaysia, Singapore and Cape Town, Luno now has a team of over 500 people.
It has over nine million customers (wallets) spanning more than 40 countries.