Luno Malaysia To Add Five New Coins To Its Platform

Alex Cheong Pui Yin

16th April 2024 - 2 min read

Digital asset exchange (DAX) Luno has revealed that it is planning to add another five digital coins to its offerings on the platform in 2024, subject to approval from the Securities Commission Malaysia (SC).

“We added two coins last year, and we are looking at adding another five. We work closely in collaboration with the SC and will continue on that journey with them as we bring more offerings to people in Malaysia,” said the country manager of Luno Malaysia, Scarlett Chai in an interview, adding that the crypto exchange currently already has a total of 11 cryptocurrencies on offer, including Bitcoin (BTC), Ether (ETH), and Ripple (XRP). In 2023, it added Avalanche (AVAX) and Polygon (MATIC).

While Chai did not specifically name the new coins that Luno is looking to bring to its investors, the DAX itself has already revealed in its notices that Polkadot (DOT) and Cosmos (ATOM) will be made available for trading on its platform soon. That said, no concrete timeline has been shared as of yet.

(Image: Muhammad Adi Putra/Luno Malaysia Official Facebook Community)

Aside from enabling the buying and selling of crypto, Chai also highlighted that Luno has rolled out several other features in the past year to cater to investors’ preferences and to make the trading process more convenient. These include the staking feature that is currently available for ETH and Cardano (ADA), as well as the ability for investors to add money to their Luno Wallet via popular e-wallet TNG eWallet. Additionally, Luno is now publishing monthly proof of reserve reports in its push for transparency.

With approximately 840,000 Malaysian users now on the platform, Chai further said that it has become extremely important for Luno to contribute to the government’s efforts in raising financial literacy among Malaysians. To date, the group has participated in various community events to help create a better understanding of digital wealth management.

“We look forward to participating in more national scam campaigns with financial institutions and such for educational purposes. We have even been in universities to speak to students and how they can avoid scams,” said Chai, who also stressed that investors are now moving into an era where there is a blend of traditional finance and digital assets, as they look for more ways to diversify their investment portfolios.

(Sources: The Star, Luno Malaysia Facebook Community)

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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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