Australia’s Independent Reserve to add Ripple from July 7

July 04, 2018
Chris Wheal

Independent Reserve, Australia's first regulated cryptocurrency exchange.

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

Sydney-based Independent Reserve will enable support for Ripple (XRP), the world’s third-largest cryptocurrency by market cap after Bitcoin and Ethereum from 7pm local time on Saturday July 7. All XRP trades will be discounted to 0.1% for the first two weeks.

Retail and institutional 

The exchange’s chief, Adrian Przelozny said that Independent Reserve would offer the product direct to retail investors through its exchange, as well as over the counter (OTC) to institutional customers.

“The addition of XRP is in line with our strategy of adding high-quality digital currencies in a thoughtful and measured way,” he said. “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.”

Users can buy XRP with Australian, New Zealand or US dollars (AUD/NZD/USD), and trade between XRP and other digital assets including Bitcoin (XBT), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

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

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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