Author: Tommy Limpitlaw
Cryptocurrency exchange, Luno, one of only three regulated crypto exchanges in Malaysia, is to list XRP on its trading platform early next year.
Luno, which only relaunched in October 2019, will add XRP trading to its existing cryptocurrencies BTC and ETH.
After relaunching, Luno CEO, Marcus Swanepoel said, “We are seeing a revolution in global financial services with the adoption and use of cryptocurrencies but this is not going to be an overnight change.”
And Luno are no doubt playing it safe, working within the regulatory guidelines of the Malaysian Securities Commission (SC), and waiting for approval from the Commission before adding XRP.
Luno South-East Asia GM David Low told The Malaysian Reserve the plan was in line with the SC's approval of XRP, so they took the decision to add it onto their trading platform, and said the adoption of XRP could further encourage growth and interest of cryptocurrencies in the country.
Although it will be traded on their exchange, Low was quick to say that they didn't want to be seen as only a trading exchange.
“As a company, we are not seeing ourselves as a trading platform, but rather as an enabler for new industries such as blockchain and cryptocurrency use cases in general. Allowing the trading of [XRP] is only the first step in facilitating and accelerating the adoption of cryptocurrency use cases in Malaysia,”
Low also wanted to express XRP's use case for remittances as its other reasoning behind its inclusion to the platform.
“Ripple also has a remittance use case which we are excited about," said Low. "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."
In a country where the remittance business is over $8 billion USD every year, and the cost per transaction is 2.9% there is big room for improvement. With XRP transaction taking a matter of seconds and a cost of way less than a penny, it is one of many markets where Ripple (XRP) can make huge improvements.