After its re-launch in 2019, Luno, Malaysia’s first Securities Commission-approved digital asset exchange, has reported that the percentage of female users has increased from 12% to a steady average of 20%. Average monthly transaction volume of its female users has increased from 6% to 15%, suggesting a positive trend in cryptocurrency investment among female users in Malaysia.
96% of female Luno users in Malaysia purchase cryptocurrencies as an investment. Because of its success as an alternative store of value, Bitcoin (BTC) is the most common cryptocurrency, with 56% support. Female users from age 30 to 39 years old accounted for the bulk of transactional activities (more than 60%), followed by 50-59 years old (13%) and 40-49 years old (4%).
12.4% female users come from a variety of professions, including education, accounting, and healthcare. Ethereum (ETH) has a 22% market cap, Ripple (XRP) has a 16% market cap, and Litecoin (LTC) has a 6% market cap. This knowledge is focused on the behaviour of Luno’s female users during the last six months.
Speaking during a virtual media session on cryptocurrency for women hosted by Luno, Scarlett Chai, Luno Malaysia Marketing & Partnerships Lead said, “It is encouraging to see so many Malaysian women exploring the world of cryptocurrency. Most of them are looking at cryptocurrency’s capability to help them achieve financial independence. On top of that, female participation in the cryptocurrency industry is growing in Malaysia. At Luno Malaysia, we are proud to have 38% of our team consisting of inspiring women. This shows that women are open to joining these exciting and fast growing industries and playing an important role in developing them.”
When asked if the recent use of blockchain technology in passports might give an extra assurance for laymen in cryptocurrency, Suraya Zainudin, Personal Finance Blogger said that it’s not necessary to understand the nitty gritty of what is going on behind the process as it might invite even more confusion. Luno’s application has made a user-friendly interface to understand the investment and this was supported by Suyin Ong, a Personal Finance content creator, saying that having a skill in the game would help incentivise interested parties to start with a small amount first, then learn along the way.
Women-focused talks on cryptocurrency and personal finance are becoming more common. The event organisers hope to encourage more women to take part in the technolog as they believe it has the potential to make meaningful and long-term positive impacts on all members of society.