Luno Relaunched in Malaysia

Asia Blockchain Review
January 9, 2020

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.

Crypto Investment Made Easy

 

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 Uses Highly Secure, Bank-Grade Systems

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.”

Source: www.fxstreet.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Digital Disruption 2020: A True Survival Story
    Asia Blockchain Review had a chat with the Enterprise Strategist of Amazon Web Services (AWS), Mark ...

    August 5, 2020

    Digital Money or Currency: Blocklime CEO Explains
    In 2020, we have witnessed digital currencies being discussed, and Asia Blockchain Review explored t...

    August 5, 2020

    Honouring Bitcoin in Malaysia – A Refreshed Perspective
    ABR asked Jason Chew, the Managing Partner of Bitcoin Malaysia about the whole ordeal of establishin...

    August 5, 2020

    IBM: Security Response Planning On The Rise
    IBM Security announced the results of a global report examining businesses’ effectiveness in prepari...

    August 4, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us