Australia is one of the leading nations in the southern hemisphere for digital currency usage and was recently boosted by the news that the Aussie crypto exchange, Independent Reserve, will be the first in the nation to add support for Ripple tokens. Australia’s first regulated exchange is making this move to give full support to Ripple users across the country.
The Sydney-based crypto exchange is making the move to support Ripple (XRP), which is the world’s third-largest cryptocurrency behind Bitcoin and Ethereum. Independent Reserve will be launching their support of Ripple on the Aussie crypto exchange from July 7, both for trading and retail investors with over-the-counter trading. This is all great news for the rapidly-evolving Australian cryptocurrency industry.
Trading Ripple pairs on exchanges
Independent Reserve already offers fiat trading in pairs for AUD, USD, ether, bitcoin cash and litecoin, making the addition of Ripple a natural choice. Chief Executive at Independent Reserve, Adrian Przelozny, has recently stated the reasons for adding Ripple to the exchange.
Przelozny pointed out that although there are vast amounts of digital currencies in the marketplace, to be chosen and listed by Independent Reserve, cryptocurrencies need to meet a wide range of criteria. This includes the quality of the coin, its stability in the market and especially volume metrics. He stated that the clientele of the premier Aussie crypto exchange has been routinely requesting the addition of Ripple for a while now and thought it was the perfect time to add them to the exchange.
The launch of Ripple on Independent Reserve will take place on July 7, which will enable the exchange’s users to purchase Ripple with major fiat currencies such as USD, AUD, and even NZD. They will also be facilitating crypto pairings to trade between major cryptocurrencies such as bitcoin, bitcoin cash, ether, and litecoin.
Fully-regulated Aussie crypto exchange
The best part about trading on the Independent Reserve platform is its trustworthy reputation. The platform became the first regulated cryptocurrency exchange in Australia in April 2018 via legislation passed last year and authorization from the Australian Reports and Analytics Centre (AUSTRAC), whose job it is to monitor exchanges across the nation.
To meet the terms and conditions of AUSTRAC, exchanges must comply with tough anti-money laundering and counter-terrorism (AML/CTF) rules and also adhere to keeping customer records and flagging suspect traders and transactions above AUD 10,000. These rules came into effect on April 3, 2018.
On the same day, the regulations were confirmed, Independent Reserve gained approval from AUSTRAC, becoming the first regulated Aussie crypto exchange to comply with the mandated rules. CEO Przelozny commented at the time “We have been lobbying for increased regulation since we opened for business in 2014.”
Przelozny at the time went on to explain why it was such a monumental moment for the Aussie crypto industry by stating that digital currencies will become an intricate part of the mainstream economy before too long and in order to be taken seriously, digital currency needs to be transparent and adhere to regulations, just like other asset classes.
The future is bright not only for this Aussie crypto exchange but also for those who want to invest directly in Ripple across Australia with fiat currencies on a fully-regulated exchange.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.