Hot on the heels of offering Bitcoin Cash, Luno has brought Ripple (XRP) onboard its cryptocurrency trading platform. Ripple is the third-largest digital asset behind Bitcoin and Ethereum, with a current market value of USD12.5 billion.
London-based Luno currently has over 3.5 million users across more than 40 countries who can already access Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). The platform is ranked in the top ten of the CryptoCompare Exchange Benchmark published on 19 November 2019.
Demand for Ripple has grown and the addition of popular alternative (altcoins) like Ripple could further spur the cryptocurrency market. Effective 3 March 2020, is available for trade on Luno.
Ripple was created by Ripple Labs Inc., a US-based currency exchange founded in 2012. It’s a cryptocurrency used by the Ripple payment network. XRP is built for enterprise use and aims to be a fast, cost-efficient cryptocurrency for cross-border payments.
The cryptocurrency has been approved by the Securities Commission Malaysia (SC).
Marcus Swanepoel, Luno CEO, commented: “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. The 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.”
To celebrate the introduction of Ripple on the Luno exchange, all users will be able to trade XRP with a reduced fee for the first 30 days:
- XRP/BTC – 0.10% (all pricing tiers) (0% maker fee)
- XRP/ZAR – 0.20% (all pricing tiers) (0% maker fee)
- XRP/MYR – 0.20% (all pricing tiers) (0% maker fee)
Luno is the first cryptocurrency exchange in the country that is a Recognised Market Operator (Digital Asset Exchange)—allowing Malaysian investors to trade digital assets. It first entered the Malaysian market in 2015 and quickly became the largest digital asset exchange in Malaysia in 2017.