Luno, the leading global cryptocurrency company on a mission to upgrade the world to a better financial system, launches an official direct SGD bank transfer feature today, promising a fast, safe and hassle-free way to invest.
As the first in Singapore to officially offer this feature, Luno users can now transfer funds without intermediary parties or delays, from any local SGD-denominated bank accounts to their cryptocurrency wallets at no fee.
“We want to build a platform that makes cryptocurrency investing seamless and accessible for all,” said Vijay Ayyar, VP Asia Pacific & Global Expansion, Luno. “With the new official SGD bank transfer rollout, we’re hoping to help satisfy the growing cryptocurrency investment demand in Singapore, and make the future of finance as straightforward, inclusive and flexible as possible.”
Reduced fees and accessible core features deliver a seamless experience to all users
Luno offers multiple core features to deliver a seamless experience for new and seasoned investors alike, offering access to popular cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) and USD Coin (USDC).
With one of the lowest transaction fees in Singapore, Luno makes buying, trading and selling cryptocurrencies more accessible to investors looking to own their very first digital asset. Other than a $0 direct deposit, instant buy and sell fee has been reduced from 1% to 0.75% per transaction while maker and taker fees starts from 0% to 0.1% respectively.
Users looking to automate their ‘dollar-cost averaging’ investment strategy will be happy to know that Luno allows users to execute scheduled orders at predetermined intervals easily on their app. This gives users a peace of mind, and at the same time, providing them a hassle-free way to fulfil their personal investment strategy.
For users looking to securely store their digital assets, Luno offers a Savings Wallet to earn competitive interest rates for the storage of their cryptocurrency. Users can earn up to 4% per annum with no fixed terms, no hidden fees and unlimited deposits and withdrawals on Bitcoin and Ethereum.
Trove of learning resources for anyone to understand cryptocurrency
As a leading global cryptocurrency company, Luno has over nine million customers globally and processed over USD21 billion on its exchange. To help users stay ahead of the market, Luno’s Learning Portal offers over 50 articles across 4 languages that outline the basics of cryptocurrencies, the nature of the digital asset and how to start trading their first coin.
Additionally, Luno’s official YouTube channel, LunoTV, hosts over 200 educational videos, offering users bite-sized resources on the latest market updates and industry insights relating to digital assets to help them kickstart their first crypto purchase.
Prioritising consumer protection through proactive regulatory approach
Luno has always prided itself in providing users with a safe and secure platform to buy and learn about cryptocurrency. Luno firmly believes in the benefits of good regulation and its role in protecting customers. Luno is in the process of obtaining a licence with the Monetary Authority of Singapore (MAS) to provide its services in Singapore. While the application is underway, Luno has been granted an exemption from holding a license by the MAS on the basis that the business existed prior to the Payment Services Act (PSA) coming into effect.
“We see regulation as a competitive advantage and strive to drive industry regulations proactively,” added Vijay. “Regulation helps to protect users by lifting standards in the industry and implementing barriers to entry for operators with low concern or capabilities for consumer protection. The advantage of having a regulated and respected exchange is very clear – greater transparency and protection of consumers as well as a blueprint for further collaboration and innovation with regulatory bodies.”
All-round user protection with bank-grade security and strong network infrastructure
Luno implements bank-grade security measures to protect the privacy and security of both digital assets and customers’ personal data. Measures such as deep-freeze storage, multiple-signature hot wallet, 2FA authentication and password encryption to prevent unauthorised access to Luno and our users’ wallets.
All personal data and financial information are only stored and processed in cloud services that meet strict security requirements. Employees also must pass through stringent background checks to reduce risk in the human security chain.
Luno is available on both Apple App Store and Google Play, allowing users the freedom to deposit, trade and withdraw 24/7 on the move.