Luno expands cryptocurrency offering with addition of Cardano, Solana

By Rosemary Iwuala

Luno, Malaysia’s leading regulated digital asset exchange and global cryptocurrency investment app, on Wednesday announced the addition of two more cryptocurrencies, Cardano (ADA) and Solana (SOL), to its platform, further expanding its range of investible digital assets.

Luno, which aims to put the power of crypto in everyone’s hands, said from 21 September, users can buy, sell, and store ADA on the Luno app and website, alongside its existing cryptocurrency offering. Luno will also be adding SOL to its investment portfolio from 6 October.

Cardano is often described as a ‘next gen evolution’ of Ethereum. It aims to be the most scalable and sustainable platform for running decentralised applications (dApps) by taking a methodical, research-driven approach to its development. Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3 and more.

With continuing interest in the wider applications of Bitcoin, ADA and SOL are the latest cryptocurrencies that Luno is adding to its portfolio, following the addition of Chainlink (LINK) and Uniswap (UNI) earlier this year. This brings the total number of coin offerings for Malaysians to nine, as Luno continues ensuring that Malaysian investors gain access to wider investment opportunities.

“As big advocates of building for the long term, we believe it’s important to give customers access to newer crypto applications that have a promising future,” Marius Reitz, general manager for Africa at Luno, said.

Reitz said in a constantly evolving crypto landscape, Luno wants to empower financial literacy amongst Malaysians by promoting a stronger understanding of digital assets and investment.

“More importantly, we want our investors to be able to progress in their crypto journey with Luno with the peace of mind that comes with the rigorous security that customers rely on from Luno,” Reitz said.

“In a world that can look complex, we want to break down the complications around cryptocurrencies to make it easy for people to buy, send, store, and learn about. Customers don’t need to make one large investment to get started but can build and grow their investment overtime through smaller amounts – similar to how they make contributions to their pension for example,” he said.

According to Reitz, while ADA and SOL meet Luno standards for safety, being listed on Luno is not an endorsement of its future potential as an investment.

“Luno assesses prospective assets based on factors like security, compliance, and utility, but will always suggest that anyone looking to invest in crypto do the necessary research and exercise good judgement before investing,” Reitz said.

“Luno only offers the most compelling investment options, viewed through a long-term lens. Over the coming months, customers will be able to explore and invest in more opportunities to tap into a new global financial system and participate equally,” he said.