The digital asset platform Luno in Malaysia reports an RM of 1 billion RM or 240 million USD to AUM after Bitcoin, Ethereum and Crypto Market Rally
The moon, a crypto asset trading platform in Malaysia operated by the Securities commissionrevealed that it now manages over RM 1 billion, or $ 240 million in digital assets. This milestone has been reached in less than two years since the company resumed operations in Malaysia (as early as 2019).
Luno’s managed crypto assets include 4 locally approved digital currencies: Bitcoin (BTC) with an allocation of 62%; Ethereum (ETH) at 23%; XRP at about 10%; and Litecoin (LTC) at 5%.
Luno also noted that it managed to surpass half a million verified users (588,994) in Malaysia. There was a huge influx of new users in the second half of 2020. Luno recorded a customer growth of more than 300% compared to the previous quarter (QoQ) and a total volume of 3.97 billion RM. These numbers suggest an overall positive trend in the introduction of demand for cryptocurrencies into the Malaysian markets.
This latest development came when the Securities Commission Malaysia reported that new customer numbers rose 1000% in 2020 as Bitcoin (BTC) hit an all-time high of over $ 64,000 as of April 14, 2021.
Aaron Tang, Luno Malaysia Country Manager, stated:
“When we restarted in Malaysia in 2019, our goal was not only to provide Malaysians with a safe and convenient platform to buy, sell and hold cryptocurrencies, but also to educate them about this exciting technology. The past twelve months have accelerated the global adoption of the cryptocurrency. While much of the attention has been focused on institutional adoption, global retail exposure, including Malaysia, has also grown tremendously. “
As reported in February 2021, fintech challenger Revol and Luno had reported a dramatic increase in demand from Bitcoin and Ethereum traders.
Fintech app providers that offer crypto trading, such as Revolut, eToroand Luno are seeing a sharp surge in the demand for virtual currencies on their platforms after a historic and unprecedented spike in the price of Bitcoin and Ethereum (ETH) (along with other altcoins).
Revolut’s management announced earlier this year that it had attracted 300,000 new digital currency enthusiasts last month (as of February 2021).
In statements shared with Business Insider, the CEO of Luno Marcus Swanepoel noticed:
“A number of future-oriented fintech companies have already introduced crypto offerings to complement their existing functions in the past two years.”
Providers of online trading and banking apps that also offer options for trading digital assets were able to take advantage of the increased interest in cryptocurrencies.