Luno Shares Insights on Crypto Adoption Growth in Malaysia For Year 2021

Date : 09-Dec-2021
Location: Kuala Lumpur

Organization:

• Luno, the leading regulated digital asset exchange in Malaysia.

Key Takeaways:

• Luno announced today that the company had garnered more than 600,000 customers at the end of November 2021. This is a 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.
  

Cryptocurrency growth in Malaysia 2021

 

Offerings:

Upcoming in year 2022:

1. Luno plans to add more coins in 2022, currently the exchange is only trading on five approved digital assets — Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH).
2. Localisation of Bahasa Malaysia language for the Luno app.
3. To further financial literacy initiatives to reach a wider audience - hoping to increase female participation in the cryptocurrency space.

Spokepersons:

• Aaron Tang, Country Manager, Luno Malaysia,said, the growth (in Malaysia) was partly attributed to the increased in awareness in buying cryptocurrency as an alternative investment option. Therefore, Luno is optimistic that their customers can achieve their financial goals of growing and preserving their wealth through investing in digital assets. 

Insights:

• Luno processed over RM12 billion worth of payments in 2021, a 4.3X increase from the previous year - processed payments are referring to deposits/withdrawals/send/receive.
  
• 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).
• 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.
• For security reason, Luno stores critical databases offline as backup copies.

Case Studies:

On 6-Dec-2021, Luno announced its partnership with Monstax Guild as the main sponsor for the Luno Battlexie: Winter Cup 2021, a blockchain gaming tournament featuring the popular non-fungible token (NFT) game, Axie Infinity.

Luno Battlexie: Winter Cup 2021 is part of Luno's commitment in supporting Malaysia's growing blockchain gaming community. The rise of NFT games has revolutionized the gaming industry
by highlighting the potential of play-to-earn (P2E) games in building a new digital economy and creating a new competitive esports ecosystem. Most notably, Axie Infinity has garnered two million daily active players globally where they collect, battle, and breed NFT creatures to earn Ethereum-based digital assets, which players can choose to convert to regular currency.

Check out more.

Conclusion:

• According to Aaron Tang, the biggest use cases of cryptocurrencies moving forward will still be investment and trading.