Luno Malaysia plans to introduce Ripple (XRP) early next year, following approval from the Securities Commission. Ripple reportedly has the third-largest market capitalization of any cryptocurrency at US$9.2 billion.
Ripple is expected to be traded in Malaysia via the Luno platform in early 2020. Luno South-East Asia has expressed confidence that the launch of Ripple will help expand the cryptocurrency market and satisfy rising domestic demand for the alternative coin.
Luno South-East Asia GM David Low gave an exclusive interview to The Malaysian Reserve (TMR), saying, “Allowing the trading of this cryptocurrency is only the first step in facilitating and accelerating the adoption of cryptocurrency use cases in Malaysia.”
He also pointed out Ripple’s feature, which allows users to devise ways to leverage the technology further.
“Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new ways to use this technology for their benefits,” said Low.
Ripple is now available in Luno-supported countries via digital wallets, according to the company’s website. It also claims that the altcoin achieves faster transaction speeds than Bitcoin.
In July this year, only three exchanges were approved to continue operating in Malaysia, including Luno Malaysia, Sinegy Technologies (M) Sdn Bhd, and Tokenize Technology (M) Sdn Bhd. According to Low, Luno places more weight of investment rather than withdrawal, compared with the other two exchanges.
The number of Luno’s customers in Malaysia is currently larger than those in Indonesia and Singapore. London-based Luno joined the Malaysian market in 2015, two years after the company’s inception.
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