Australian Regulated Exchange Announces Ripple(XRP) Listing
Independent Reserve, an Australian cryptocurrency exchange announced on July 5 that to list that it will be supporting trading for the world’s third-largest cryptocurrency by market cap- Ripple (XRP). Ripple will become the fifth token to be added by the exchange, joining Bitcoin, Ethereum, Bitcoin Cash and Litecoin on the platform.
Australia’s first regulated crypto exchange revealed that it will start listing XRP and allow trading with Ripple’s native token from July 7, 2018. Originally, the exchange will let users make XRP purchases with AUD, NZD, and USD.
It will also offer crypto-to-crypto trading between XRP, and Bitcoin, Ethereum, Litecoin and Bitcoin Cash. To help promote XRP trade on the platform, the exchange will provide a starting brokerage fee of 0.1 percent, only for XRP trading, for two weeks after the token has been launched on the platform.
Independent Reserve’s press release read:
“We are excited to announce the imminent launch of our fifth cryptocurrency – Ripple XRP. XRP is the native currency of the Ripple Transaction Protocol. It is primarily used as a bridge currency for when two entities wish to trade different currencies where no pair exists.”
The exchange makes available to retail investors XRP trading along with over-the-counter (OTC) services for its institutional customers.
“The addition of XRP is in line with our strategy of adding high-quality digital currencies in a thoughtful and measured way. 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 has been requesting XRP, and we felt this timing was right to offer it to them,” said its CEO Adrian Przelozny.
The Independent Reserve is a cryptocurrency exchange and apparently the first trading desk in the country to be fully authorized. In accordance with Australia’s legislative, the crypto platform has been approved by the Australian Transaction Reports and Analysis Centre (AUSTRAC), which is in charge of monitoring the crypto environment in the country.
The government organization is Australia’s financial intelligence branch in control of exposing illegal activities such as money laundering and terrorism in the financial environment. Since April 2018, it is obligatory for crypto exchanges to register and report to AUSTRAC.
All exchanges are also required to comply with the anti-money laundering (AML) laws and counter-terrorism financing regulations. Independent Reserve is not the only exchange that received approval from AUSTRAC to provide XRP trading. CoinSpot, another crypto exchange based in Australia also supports XRP trading.