- Luno to incorporate XRP in Malaysia
- XRP expected to enter the Malaysian market soon
Luno has identified the unlimited prospects of XRP’s remittance use case and it is planning to introduce the Ripple token to Malaysia. Luno was relaunched recently at the end of October in Malaysia, the platform is looking at incorporating Ripple’s native token to ease transaction and aid adoption. The head of Luno in the Asian region, Vijay Ayyar, states that the chances of XRP getting listed on their platform are “definitely a possibility.”
He says that Luno wants to extend its services while remaining regulatory compliant. In his statement, he went thus: “What we can say at this time is 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.” The general manager of Luno for Southeast Asia, David Low, states that the listing of Ripple would please the growing market demand.
He states further that the prospect of the token coming into realization for Malaysians would be either in December or in early 2020. Ripple’s remittance use case seemed to be the major reason behind their decision, according to David Low. He added: “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.”
XRP Expected to Enter the Malaysian Market Soon
Though, it is rather ambiguous whether Luno plans to use Ripple’s On-Demand Liquidity (ODL) products, which since its launch into the market continues to make progress globally. Recently, Luno acquired approval from the Securities Commission of Malaysia, which has earned them the first position as the first crypto exchange to do so. This approval permits the company to once again step on the country’s turf.
XRP (XRP) Price Today – XRP / USD
Commenting on this, Ayyar states that: “We’re excited to return because we know the impact that cryptocurrencies and new forms of investment can have on Malaysian lives.” Luno is projected to become of the largest crypto exchange market due to the high banking rates and progressive regulations in Malaysia.
“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 this cryptocurrency is only the first step in facilitating and accelerating the adoption of cryptocurrency use cases in Malaysia,” he further added.