Luno Malaysia achieves RM4.2bil in crypto transactions


PETALING JAYA: Luno, a cryptocurrency exchange, has achieved almost US$1bil (RM4.2bil) in total transactions on its platform in Malaysia so far this year.

Luno Malaysia country manager Aaron Tang (pic) said more people are accepting cryptocurrencies as an asset class, as a payment method, a store of value and a hedge against inflation.

In 2020, Luno Malaysia saw a total transaction of US$300mil (RM1.23bil) on its platform.

“We believe cryptocurrency adoption is still at its early stage. According to some research, only about 2.5% of the world population own cryptocurrencies, ” he said at a briefing.

Luno Malaysia is currently storing more than RM1bil digital assets including bitcoin, ethereum, ripple and litecoin.

The number of users in Malaysia has grown from 180, 000 in 2020 to more than 300, 000 presently.

Last month, the world of cryptocurrency rocked after the prices of bitcoin and ether collapsed.

Luno Malaysia country manager Aaron Tang (pic) said more people are accepting cryptocurrencies as an asset class, as a payment method, a store of value and a hedge against inflationLuno Malaysia country manager Aaron Tang (pic) said more people are accepting cryptocurrencies as an asset class, as a payment method, a store of value and a hedge against inflation

The world’s most famous cryptocurrency, bitcoin, saw its price fell more than half from its record of almost US$65, 000 (RM267, 605) achieved in April after Tesla CEO Elon Musk said he is concerned about the increasing use of fossil fuels for bitcoin mining and transactions.

This was followed by China’s move to ban digital tokens as a form of payment, adding further to the sell-off.

At one point in April, bitcoin’s market capitalisation stood at US$1 trillion (RM4.12 trillion). It is now trading at half of that value.

Tang said there have been misconceptions about cryptocurrencies over the last few years, despite their growing popularity.

He said bitcoin is the most famous cryptocurrency, recording RM15mil of daily transactions on its platform in Malaysia.

He added that Malaysia is one of the first countries in Asean that regulated the cryptocurrency market to support the development and growth of digital assets in the country.

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