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Regulated Australian Cryptocurrency Exchange to Launch Ripple (XRP) Trading

Last Updated March 4, 2021 5:09 PM
Samburaj Das
Last Updated March 4, 2021 5:09 PM

Independent Reserve, Australia’s first regulated cryptocurrency exchange, will add support for Ripple’s token currency XRP this week.

Sydney-based cryptocurrency exchange Independent Reserve is reportedly  enabling support for Ripple (XRP), the world’s third-largest cryptocurrency by market cap after Bitcoin and Ethereum. With launch of trading on July 7, the exchange is offering trading to both retail investors through its exchange and institutional clients via over-the-counter trading.

The exchange currently offers fiat trading pairs between USD, AUD, NZD and Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

In statements, Independent Reserve chief executive Adrian Przelozny explained his reasons for adding Ripple to the exchange, stating:

There is a wide universe of digital currencies out there now, but to be listed on Independent Reserve they need to meet a range of criteria including quality, stability and volume metrics. Our clientele have been requesting XRP and we felt this timing was right to offer it to them.

The exchange is launching Ripple trading on Saturday, enabling users to buy XRP with AUD, NZD and USD. The exchange platform also facilitates crypto trading pairs, allowing for trading between XRP and Bitcoin (XBT), Ethereum’s Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

In April 2018, Independent Reserve became Australia’s first regulated cryptocurrency exchange after legislation passed late last year authorized the Australian Transaction Reports and Analysis Centre (AUSTRAC) to monitor domestic cryptocurrency exchanges.

The regulatory mandate, which requires compliance to meet anti-money laundering and counter-terrorism financing (AML/CTF) obligations, customer record keeping and flagging suspicious transactions including all cash transactions above AUD $10,000, came into effect on April 3.

On the same day, Independent Reserve revealed  it had gained approval from AUSTRAC to become Australia’s first cryptocurrency exchange to comply with the mandated rules.  “We have been lobbying for increased regulation since we opened for business in 2014,” CEO Przelozny said at the time.

He added:

 “We passionately believe that the digital currency economy will – and should – become just another part of the mainstream economy. In order for that to happen, digital currency needs to be regulated just like any other asset class. “

CoinSpot, another AUSTRAC-approved  domestic cryptocurrency exchange with support for dozens of cryptocurrencies, is also offering XRP trading in Australia.

Independent Reserve wasn’t immediately available for comment at press time.

Featured image from Shutterstock.