XRP, the native token of blockchain behemoth Ripple, is expected to get listed on London-based crypto exchange Luno, which was relaunched in Malaysia at the end of October.
Introducing XRP to Malaysia
Vijay Ayyar, Luno's head in the Asian region, says that XRP getting listed on their platform is "definitely a possibility." He states that Luno wants to expand its offering while remaining regulatory compliant.
"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.”
Luno's general manager for Southeast Asia David Low says that the listing of the third biggest digital token would satisfy the increasing market demand. He adds that the token could finally become available for Malaysians either in December or in early 2020.
Ripple's remittance use case appeared to be the main reason behind their decision, according to Low.
“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.”
However, it's not immediately clear whether Luno plans to utilize Ripple's On-Demand Liquidity (ODL) products, which continues to make strides around the globe.
A growing crypto hub
Luno recently obtained approval from the Securities Commission of Malaysia, becoming the first crypto exchange to do so. This allowed the company to once again step on the country's turf.
“We’re excited to return because we know the impact that cryptocurrencies and new forms of investment can have on Malaysian lives," says Ayyar.
Due to high banking rates and forward-looking regulations in Malaysia, Luno is expected to become one of the largest markets for Luno.