London-based crypto exchange platform Luno is offering XRP trading to its customers in Malaysia. The decision will see XRP becoming the third cryptocurrency included in its Malaysian trading catalog after Bitcoin (BTC) and Ether (ETH).
Luno Enables XRP Trading in Malaysia
According to Fintech Malaysia, starting from Tuesday (March 3, 2020), XRP trading will be available on Luno’s crypto exchange platform in Malaysia. The news comes following reports at the back-end of February 2020 that the London-based was close to adding the second-ranked altcoin (based on market capitalization) to its trading catalog.
In Malaysia, Luno currently offers only Bitcoin and Ether trading pairs. The company polled its users to determine which new trading pairs customers wanted to be added to the platform.
Inside sources at the company say XRP led the way hence the decision to green-light the addition of XRP trading to crypto exchange services on Luno. Commenting on the decision, Luno CEO Marcus Swanepoel, remarked:
We have always limited the number of coins we offer, only listing digital currencies which have liquidity, are secure and have the utility which will benefit our clients. XRP demonstrates the benefits that blockchain based assets can offer. Year 2020 looks as though it will be another very important year for the sector as more and more people use digital coins as part of the day-to-day finances.
Luno’s announcement has not had any significant impact on the XRP price action. XRP has been on the downtrend since mid-February 2020, dropping almost 30% over the past fortnight. As at press time, XRP is one of four top-10 altcoins in the during the last 24-hour trading session.
Crypto prices, in general, are still reeling from the significant decline suffered during the last two weeks of February 2020 with the market shedding more than $30 billion in the process.
Malaysian Regulators Clarifying Crypto Laws
Luno’s expanding crypto trading offering in Malaysia comes at a time when regulators in the country are finetuning cryptocurrency laws. As previously reported by Bitcoinist, the country’s Security Commission (SE) outlawed initial coin offerings (ICOs) back mid-January 2020 while offering guidelines for initial exchange offerings (IEOs).
The IEO regulations came a year after the country announced new rules for crypto exchanges operating in Malaysia. Luno is one of the registered crypto exchange platforms in the country, enjoying a new lease of life in Malaysia following tax concerns back in mid-January 2018.
What do you think about Luno adding XRP trading to its crypto exchange catalog? Let us know in the comments below.
Images via Shutterstock, charts by Ripple.