Luno Sees More Than Seven-Fold Increase In Female Users From 2020 To 2021
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(Image: The Malaysian Reserve/Razak Ghazali)

Cryptocurrency exchange Luno has observed a significant hike in the number of its female users, increasing more than seven-fold from 16,000 in 2020 to more than 120,000 in 2021. This hints at a positive trend of digital asset investment among women in Malaysia, as well as growing financial awareness and inclusion within this segment.

In line with the growth of its female userbase, Luno said that the transaction volume of female users also increased by twelve times year-on-year (YoY), from RM170 million to over RM2 billion. Most of these transactions were performed to buy cryptocurrencies for investment, while a smaller group transacted for the purpose of trading, sending and receiving, as well as payment.

Luno’s data also indicated that users aged between 30 to 39 years old were the most active in terms of transacting on the platform (33%), followed by those who in the age group of 25 to 29 years old (25%), 18 to 24 years old (17%), and 40 to 49 years old (16%). Additionally, these female users came from diverse career backgrounds – including education, healthcare, accounting, administration, and manufacturing – as opposed to being limited to individuals who worked in the financial or fintech industry.

The marketing manager of Luno Malaysia, Scarlett Chai said that it is heartening to see more Malaysian women taking an interest in digital assets. “Digital assets offer opportunities to improve on the traditional financial system. For women, this new financial system can mean financial inclusion and empowerment to harness their value,” she commented in a virtual press conference, adding that it can also help them to achieve financial independence.

Chai also said that Luno is committed to creating a safe space for women to learn about digital assets. “As women become involved in digital assets, there’s a huge opportunity for companies to create a truly inclusive and equal platform. We have seen before that when women lead, the interests of marginalised groups are more likely to be considered. This is a chance for parity in female representation and better inclusion for all,” she further stated.

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