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Australia’s Independent Reserve Now Supports Ripple (XRP)

Australia’s first regulated cryptocurrency exchange, Independent Reserve announces its support towards XRP, Ripple’s token currency this week. Ripple (XRP) is the world’s third-largest cryptocurrency after Ethereum and Bitcoin. Independent Reserve announced to launch Ripple (XRP) trading from the 7th of July. The exchange intends to offer trading to its institutional clients via over the counter trading and to its retail investors via the exchange.

Presently, the exchange offers fiat trading pairs between Bitcoin, AUD, USD, NZD, Bitcoin Cash, Litecoin, and Ethereum. Independent Reserve CEO, Adrian Przelozny in his statement mentioned that its clientele has been requesting for XRP for quite some time. The exchange plans to launch Ripple trading this Saturday thereby enabling its users to purchase XRP with USD, AUD, and NZD.

Explaining the reasons for adding Ripple (XRP) to the exchange, Przelonzy said that there are a lot of digital currencies out there. However, in order to be listed on Independent Reserve, they need to meet a range of criteria such as stability, quality, and volume metrics.

Independent Reserve’s platform also facilitates crypto trading pairs between Bitcoin (XBT) and XRP, Bitcoin Cash (BCH), Ethereum’s Ether (ETH), and Litecoin (LTC). Independent Reserve became the first regulated cryptocurrency exchange in Australia in April 2018. It authorized the Australian Transaction Reports and Analysis Centre (AUSTRAC) to monitor the domestic cryptocurrency exchanges.

The mandate needs the exchanges to be in compliance with counter-terrorism financing and anti-money laundering obligations, flagging suspicious transactions that include cash transactions exceeding AUD $10,000, and customer record keeping. CEO Przelonzy mentioned in his statement that they have been lobbying for increased regulation since 2014.

In his statement, Przelonzy mentioned that a cryptocurrency based economy needs to become a part of the country’s mainstream economy. However, he stated that in order for this to materialize, digital currency should be regulated like any other asset category. As reported by CCN, another AUSTRAC-approved domestic cryptocurrency exchange, CoinSpot, is also offering XRP trading in Australia.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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