Luno Adds Polygon To Platform, Now Offers 11 Tokens In Total

Alex Cheong Pui Yin

6th October 2023 - 3 min read

Digital asset exchange (DAX) Luno has announced the addition of yet another new token to its existing list of offerings, this time the Polygon (MATIC) coin. Starting from today, local investors will be able to trade and store MATIC on both the Luno app and website.

This latest addition comes at the heels of an earlier inclusion of Avalanche (AVAX) in May this year, bringing the total number of token offerings on Luno up to 11 coins. It is in line with Luno’s ambition to ensure that Malaysian investors are provided with access to wider investment opportunities. Other tokens that can also be traded on Luno include Bitcoin (BTC), Ether (ETH), Cardano (ADA), Solana (SOL), Chainlink (LINK), and Uniswap (UNI).

“At Luno, we have consistently committed to building and investing for the long term. A major step to achieving that is to increase accessibility to a broader range of crypto offerings not only for our 840,000 customers, but all prospective investors,” said the country manager of Luno Malaysia, Scarlett Chai.

Chai also reassured that Luno has conducted a thorough and rigorous evaluation process based on various criteria before introducing new cryptos – such as Polygon’s MATIC – to its customers. “The introduction of MATIC follows from close collaboration with regulators in ensuring all necessary compliance and regulatory guidelines are met,” she said, although she also stressed that investors should always do their own research prior to investing.

As for the new token itself, Polygon – which was founded in 2017 – is a solution that seeks to improve the processes of the Ethereum blockchain, specifically to fix the latter’s scalability issues. It does so by taking transactions off the main Ethereum network to be processed on a compatible blockchain (namely Polygon), then returning these transactions to the main Ethereum blockchain upon completion. This ultimately reduces the congestion on the Ethereum blockchain.

Polygon – whose native crypto token is MATIC – has been well-received by the crypto community, and has helped numerous global companies enter the Web3 space. Briefly, Web3 is described as a “new” version of the internet that incorporates a range of crypto-related technologies, including decentralisation and blockchain. Some notable companies that have benefitted from Polygon include Mastercard, Starbucks, Disney, and Meta. Polygon also received funding from renowned investors, including Mark Cuban and Sequoia Capital.

Luno further highlighted that although the MATIC coin is also available as an ERC-20 token on the Ethereum network, Luno only supports MATIC on the Polygon network. ERC-20 is essentially described by Investopedia as “a standard used for creating and issuing smart contracts on the Ethereum blockchain”.

Luno recently celebrated its 10th anniversary.

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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