Crypto exchange Luno set to list XRP on its platform after receiving regulatory nod

Luno Malaysia, one of the only three regulated cryptocurrency exchanges in the country, is set to list XRP on its platform.

David Low, general manager of South East Asia at Luno, told local news outlet The Malaysian Reserve on Monday that the exchange will add XRP later this month or early next year. Luno Malaysia currently offers trading in bitcoin (BTC) and ether (ETH).

The exchange’s plan of adding XRP, the third-largest cryptocurrency by Ripple, been approved by the Securities Commission Malaysia, per the report. “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. 

Luno was relaunched in Malaysia last month after receiving approval from the securities regulator. “We are planning to increase our cryptocurrency offerings as we grow, while keeping customer’s safety and compliance with regulations as our highest priority,” Vijay Ayyar, head of Asia at Luno, was quoted as saying in the report. 

Luno is backed by notable investors, including Naspers Ventures, and has raised $13.8 million in total funding to date, according to Crunchbase. It also operates across Africa and Europe. Last month, Luno also announced to relaunch its services in Singapore as banks opened its accounts - while it will help Luno to pay salaries and hold money raised from investors, it won’t yet allow the firm to hold money for clients.