Petaling Jaya: Luno, a cryptocurrency exchange based in Malaysia, has accumulated approx US$1bil(RM4.2bil) in total transactions so far this year. In 2020, Luno Malaysia saw an absolute trade worth US$300 mil (RM1.23 bil) on its exchange.
Aaron tang, Luno Malaysia country manager, said at a briefing, “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 additionally said that many individuals are accepting digital currencies as a resource class. As an installment strategy, a store of significant worth, and support against inflation.
More than RM1bil worth of digital assets including Bitcoin, Ethereum, Ripple, and Litecoin are stored by Luno Malaysia. In Malaysia, tremendous growth in user tally is observed with an increase from 180,000 in 2020 to more than 300,000 presently.
Tesla CEO Elon Musk announced that Tesla will no longer be accepting Bitcoin as a payment method. He said that he is concerned about the increasing use of fossil fuels for Bitcoin mining and transactions. Following this Bitcoin had a huge dump of more than half from its record US$62575 (RM259060) which was achieved in April.
China’s decision to ban digital tokens as a form of payment leads to more chaos in the crypto space, adding furthermore to the sell-off. In April, Cryptocurrency market capitalization was worth more than US$2 trillion, now exchanging at half of the value.
Tang said that there have been confusions about digital currencies in the course of the most recent couple of years, in spite of their developing fame. According to him, bitcoin is the most well-known digital currency. Recording RM15mil of everyday exchanges on its foundation in Malaysia. He added that Malaysia is one of the primary nations in ASEAN that directed the digital currency market to help the turn of events and development of advanced resources in the country.
Luno is the first digital asset exchange in Malaysia and one of just three supported by the Securities Commission (SC). It directs over more than 90% of the local market share in Malaysia. The cryptocurrency industry has seen a weighty year of movement. Seriously nudged on the way of institutional financial backers getting bitcoin due to its store of huge worth properties. The asset has gotten more charming to financial backers in the midst of inflation stresses because of expanded monetary and cash-related improvement.Since the obtainment by Digital Currency Group (DCG) in September of 2020. Luno has seen the quantity of active worldwide clients increment by 167%. While the quantity of applications installed has expanded 119%.
Luno was positioned in the top six digital currency exchanges worldwide in the CryptoCompare Exchange Benchmark. While additionally getting the top-level AA rating. Likewise, its proactive position of working with governments and banks to securely build admittance to digital currencies worldwide.
The likes of Tesla investing in Bitcoin, US Bank BNY Mellon setting up a Crypto Unit. And Mastercard accepting crypto payments one can somewhat credit to the enormous interest surrounding cryptocurrencies. It is expected in 20201, Luno will continue exponential growth on track to reaching its goal of one billion global customers by 2030.