Luno Malaysia Reiterates Commitment to Building the Malaysian Digital Assets Landscape
Luno, Malaysia’s leading regulated digital asset exchange, reported more than 800,000 customers at the end of 2022. This represents an increase of over 11.3% year-on-year (y-o-y) from 2021. On the other hand, total payments processed in 2022 was over RM9 billion and Luno currently stores more than RM1.2 billion in value on behalf of its customers across nine approved digital assets.
In the wake of significant industry events in 2022, Luno Malaysia has managed to grow its customer base, indicating sustained consumer demand for cryptocurrencies in Malaysia despite a challenging period for the global cryptocurrency market. This also points to a shift amongst investor mindsets in adopting a longer-term perspective towards crypto, and their confidence in crypto’s future potential.
From a gender perspective, male customers comprised the largest segment at 76.5%, whereas female participation accounts for 23.5%. For female customers, this represents an increase of almost 60,000 over the 120,000 female customers reported by Luno in 2021, reflecting Luno’s ongoing emphasis towards empowering crypto investing for all, as well as broader trends of increasing representation.
According to Aaron Tang, Country Manager of Luno Malaysia, “Luno remains committed to helping Malaysians from all walks of life invest in crypto safely and responsibly, as well as in making crypto education resources accessible for all. For instance, our dedication towards localising the Luno app to Bahasa Melayu (BM) now sees over 18,000 customers engage in crypto investing using BM as their primary app language, and we certainly look forward to continuing our efforts in reaching out to Malaysians nationwide.”
In 2022, Luno became the official crypto investment partner and co-sponsor of the Liga Super Malaysia (MFL) and Piala Malaysia. Through the former, Luno garnered a total brand exposure of over 181 million viewership via broadcast platforms and total stadium attendance over the same timeframe reached an upwards of 1.3 million.
Additionally, Luno launched the Move with Luno campaign with the appointment of Olympic diver Pandelela Rinong and national footballer Zaquan Adha as ambassadors to further educate the public and raise awareness on the topics of digital assets and investing. Luno engaged with over 5,000 people through various offline engagements at 47 locations across 7 states to further build their understanding on digital assets.
For investors, Luno also added four new coins, Chainlink (LINK), Uniswap (UNI), Cardano (ADA) and Solana (SOL) last year, bringing the range of investible digital assets to nine.
In addition, Luno has also recently introduced a variety of measures to further improve and enhance investor experience. The revamped Luno Rewards feature rewards investors by incentivising them to invest regularly and adopt an incremental, long-term approach towards managing their investment portfolio. On the other hand, the launch of the Multiple Coins feature was aimed at enabling investors to diversify their portfolios more conveniently and at a reduced fee. To date, more than 2,000 customers have opted for the multiple coin feature, with the most preferred category being “personalised combo” where customers can choose their coins based on their preference.
As the industry continues progressing into 2023, the Crypto Fear and Greed Index recently hit its highest index score this year in March with a score of 68 – a level unseen since November 2021 – with the Index current sitting at 62. Also, the Bitcoin price has passed the RM125,000 mark, a stark comparison to November 2022 prices which hovered between the RM67,000 to RM71,000 range.
According to Tang,“Luno has consistently been supporting and building Malaysia’s digital landscape through our close collaboration with local regulators such as the Securities Commission (SC). Per SC requirements, customer funds from Luno Malaysia are segregated from corporate funds, and stored safely according to industry-leading principles. Luno’s stringent compliance with local regulations provides all investors with peace-of-mind in further building their investment portfolios.”
“We remain committed to supporting the nation’s digital agenda through our proactive outreach, by increasing awareness through education, and ongoing commitments to ensuring responsible governance. Regardless of the conditions at play, we will continue creating awareness and driving education efforts for the Malaysian public on the long-term value and prospects of digital assets”, Tang added.
