Luno and Shopee have announced a partnership today, signaling the first such collaboration between an e-commerce site and a crypto platform in Malaysia. As a result of this collaboration, Malaysians now have
access to deals, discounts, and vouchers on Shopee which they can purchase and convert into cryptocurrencies like Bitcoin and Ethereum on the Securities Commission-regulated crypto exchange platform, Luno.
“Being a regulated exchange allows us to explore new ways of expanding access to crypto for users in Malaysia. An innovative approach is to leverage the breadth and depth of e-commerce players like Shopee. We expect this effort to drive massive awareness and adoption, making it easy for users on Shopee to access crypto and begin their investment journey. We certainly look forward to working closely with Shopee on further groundbreaking projects,” said Aaron Tang, Country Manager of Luno Malaysia.
Their main goal seems to be creating awareness and they’re leveraging on Shopee’s user base to do so. With that, they’re offering a RM15 Bitcoin voucher at RM1, along with other vouchers that are available on Luno’s official store on Shopee. There’s even a RM200 voucher for Bitcoins which is available to new Luno users. The caveat to this being, as users on Shopee have said, is that you need to put in a deposit of RM1000 to use the vouchers.
This, I’m assuming, is to get your Luno profile set-up, but I’m not entirely sure on how it works. Based on my understanding, you have to download the Luno app, and sign up, verify your identity, etc. After that, tap on REWARDS, ENTER CODE, and put in the code you purchased from Shopee. Then you’ll have to to deposit the minimum value of MYR depending on which voucher you purchased, and you’ll receive the Bitcoin specified on the voucher into your Luno wallet.
It’s a very confusing process, and I’m not sure what this is supposed to accomplish. But I guess if you were into cryptos, this is a good thing. Right? Someone please explain cryptos to me I have NO idea how they work.
