Luno, the first cryptocurrency exchange in Malaysia to be fully approved by the Securities Commission, was just relaunched in Malaysia for hassle-free trading of Bitcoin (BTC) and Ethereum (ETH). The app also plans to support Ripple in the near future.
Before users can start buying crypto on Luno, they are required to register on the app. Users must first verify their identity by uploading documents such as an identity certificate, driver’s license, and a selfie.
After registration, users can purchase Bitcoin and Ethereum and start investing with the money in their wallets. There is a minimum wallet balance of RM3 for purchasing a cryptocurrency. At least 0.0005 BTC is needed in the account in order to sell.
Luno’s developers have a history of building crypto-systems for banks and have applied the same security standards to Luno. Its security system comprises of two elements — multi-signature deep-freeze storage and multi-signature hot wallet. These solutions store parts of the user’s private keys in different places, making it impossible for hackers to obtain access to the wallet.
The app offers two-factor authentication to process transactions, aside from the four-digit PIN that the user creates when registering on the app. Users can send crypto to other users via the mobile phone number of the recipient without charges, but sending to a BTC address is not free.
Luno Malaysia is set to add support for Ripple’s XRP trading early this year. Vijay Ayyar, Head of Luno Asia, confirmed the company’s plan to support Ripple, saying that “we are planning to increase our cryptocurrency offerings as we grow, while keeping customer’s safety and compliance with regulations as our highest priority.”
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