ONE of the earliest booms in crypto happened circa 2011 when Bitcoin jumped from US$1 to about US$30 – although the value did not manage to hold, plunging to US$2 by the year end.
A series of fluctuating movements over the next two years saw the cryptocurrency finishing at around US$500 by December 2013.
Before this and even when it happened, the term blockchain was still rather alien to Malaysians, let alone cryptocurrencies.
Fast forward to about a decade later, one can already observe the vast difference in awareness levels on this relatively new asset class.
At the base level, one would be hard-pressed to find anyone who has not at least heard of Bitcoin, especially after the popularity of crypto skyrocketed during the Covid-19 pandemic.
According to British-based market research and data analytics firm YouGov, about 37% of Malaysians find the utility of cryptocurrencies for long-term investing purposes an interesting feature of digital assets.
Meanwhile, some 40% see cryptocurrencies as an alternate store of value as an attractive feature as well.
Despite all that, Malaysia’s adoption of cryptocurrency is still at the infancy stage.
The Finder Cryptocurrency Adoption Index ranked Malaysia in the 16th spot, with only about 13% of Malaysians believed to own cryptocurrency.
This is below the global average of 14%, and also behind neighbouring countries such as Singapore (19%) and Indonesia (15%).
This is among the many reasons that Luno, a leading digital asset exchange (DAX) regulated by the Securities Commission, believes there is a crucial need to drive awareness locally on the importance of digital assets as long-term investments, besides helping retail investors develop financial fitness.
Understanding digital assets
Luno strives to educate the public on the true value of crypto as a currency of the future as opposed to short-term gains and how Luno can be a trusted partner in everyone’s wealth journey for years to come.
One of Luno’s strategies to remedy the lack of awareness and education about cryptocurrencies is through the Move with Luno campaign, to help Malaysians better understand the emerging digital asset class and to empower them in getting started on their financial fitness journey.
Its first step was to commit to and invest in Malay language content, as roughly 80% of Malaysians can converse in the national language, therefore making it crucial as a medium to deliver information.
The localised campaigns and content are aimed at empowering Malaysians to build a stronger understanding of digital assets and investing as part of their financial literacy and Luno intends to use education to dispel common misconceptions surrounding cryptocurrencies.
Luno Malaysia country manager Aaron Tang said that making their content more accessible to the masses will spur a generation of curious individuals in the right direction – to learn more and be aware.
“Through this, we hope to better equip Malaysians with the right tools for our increasingly digital future. This is the way forward,” he said.
Luno has also charted the path ahead for the Move with Luno campaign leading towards 2023 and beyond in its bid to make cryptocurrency accessible for all.
“Aside from engaging our brand ambassadors Datuk Pandelela Rinong and Zaquan Adha, we have also lined up a slew of activities to further spread the word about crypto,” said Luno Malaysia marketing manager Scarlett Chai.
“This includes the Move with Luno roadshow, whereby Luno will be touring across the nation along with a range of content to help consumers learn about digital assets.”
She added that Luno prioritises an education-first approach as it strives to be the trusted guide for consumers in an unfamiliar space.
The Move with Luno roadshows will enable the public to engage in fun circuit activities that will enable them to learn bite-size information about blockchain, cryptocurrencies and how to improve their financial fitness journey.
There will be Luno trucks travelling to states such as Johor, Pahang, Kedah, Sabah, Sarawak and the Klang Valley, bringing with them fun-packed activities from physical challenges to quiz participations – all with the aim to disseminate educational crypto content.
Another initiative that will be implemented is dubbed the Mamak Table Talkers at selected mamak partner restaurants nationwide.
There will be a QR code on the table that can be scanned by patrons, which will lead them to an interactive quiz to learn about crypto and to spark quality conversation about the asset class with their friends and family during their mamak hangout sessions.
Largest coin offering
Luno processes more than RM1bil of transactions annually from more than 700,000 investors on its platform.
It recently expanded its range of investible digital assets to nine, with the newest coins being Cardano (ADA) and Solana (SOL), following the addition of Chainlink (LINK) and Uniswap (UNI) earlier this year.
This makes Luno a regulated DAX platform with the largest coin offering, with other tradable coins on Luno including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH).
To gain access to Luno’s resource hub, visit its website in English (www.luno.com/en/my) or Bahasa Melayu (www.luno.com/ms-MY). To get this information at your fingertips, download the app on the App Store or Google Play.
To learn more about digital assets and Luno’s Move with Luno campaign, go to invest.luno.com/movewithluno-en
To remain informed on the ongoing activities that Luno has planned for the rest of the year and moving into 2023, follow their Facebook page at facebook.com/lunomalaysia
This article is for informational and educational purposes only and readers should not construe any such information as investment or financial advice. Investing in cryptocurrency is high risk and may result in loss of capital as the value can fluctuate. Luno recommends that individuals consult with a licensed financial planner on investment in cryptocurrency.
The Securities Commission Malaysia’s approval of the listing of digital assets on Luno does not amount to nor indicate that the SC has recommended nor endorsed the product or service.