Australian digital currency exchange, Independent Reserve has announced its plans to add support for XRP which is, a digital currency by Ripple. The cryptocurrency exchange is said to be launching XRP trading on July 7.
On April 3, this year, the cryptocurrency exchange which is based in Sydney, Independent Reserve became the first exchange to be licensed by the Australian Transaction Reports and Analysis Center (AUSTRAC). AUSTRAC is the one mandated to make sure that all cryptocurrency exchanges operating in Australia and dealing with fiat currency do so in compliance with the set rules. Such rules include anti-money laundering as well as know your customer. It also requires customer record keeping and flagging off suspicious trading such as all cash transactions exceeding AUD 10,000.
Retail and institutional investors
Independent Reserve will offer its trading services to retail investors via its platform and institutional investors by means of the over-the-counter trading. The crypto exchange will accept fiat trading pairs between USD, AUD, NZD and Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Range of criteria
The CEO of Independent Reserve, Adrian Przelozny said there is a wide universe of digital currencies out there now, but to be listed on the Independent Reserve they need to meet a range of criteria including quality, stability, and volume metrics. He also stated that the exchanges’ clientele has been requesting XRP and they felt the timing was right to offer it to them.
When the cryptocurrency exchange launches XRP on Saturday, it will allow users to buy XRP with NZD, USD, AUD. Independent Reserve also promotes crypto trading pairs thus enabling users to trade between XRP and Bitcoin (XBT), Ethereum’s Ether (ETH), Bitcoin Cash and Litecoin.
Przelozny explained that the addition of XRP is in line with the exchange’s strategy of adding high-quality digital currencies in a thoughtful and measured way.
XRP is currently listed third largest cryptocurrency after Bitcoin and Ether by market cap. The digital currency was created by Ripple Labs to target the banking and institutional market. It allows fast and cheap transfers between fiat currencies and other assets like gold. It can be used for cross-border transfers as well.