Luno Malaysia, a cryptocurrency company in Malaysia has achieved a new milestone with over RM 1 billion of digital assets under management (DAUM) since 2019.
Luno Malaysia's DAUM comprised four cryptocurrencies including Bitcoin Ethereum, Ripple and Litecoin.
With the influx of new users in late 2020, Luno grew over a 300% customer growth and RM3.97 billion in total transactions.
"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," Aaron Tang, Luno Malaysia Country Manager.
"While a lot of the attention has been around institutional adoption, global retail involvement, including Malaysia, has been growing at a tremendous pace too," he added.
Globally, Luno has reached the momentous milestone of seven million customers representing over 300 per cent year-on-year (YoY) growth in the number of apps installs with over RM34 billion transacted.
Luno said its expansion was reflected bigger-picture market demand for cryptocurrencies globally, as the industry continues to prove its reputation as building a sustainable financial infrastructure.
The cryptocurrency industry has seen a momentous year of growth, heavily spurred on by the entrance of institutional investors adopting bitcoin due to its store of value properties.
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 the third quarter of 2020.
Since the acquisition by Digital Currency Group (DCG) in September of 2020, Luno has seen the number of active global users increase by 167 per cent, whilst the number of app installs has increased 119 per cent.
As of January 25, 2021, the average Luno user held over US$7,000 in their wallet, up 56 per cent from December 30, 2020.
Luno was ranked in the top six cryptocurrency exchanges worldwide in the latest CryptoCompare Exchange Benchmark, while also receiving the top tier AA rating.
Luno said the beginning of 2021 marked the start of a period of exponential growth due to the simplicity of its online and mobile platforms, offering education, bank-grade security and self-regulation.
Low said Luno expects to continue exponential growth this year on track to reaching its goal of one billion global customers by 2030.
Source: New Straits Times