Australian Crypto Exchange Independent Reserve Adds Support for Ripple (XRP)

By July 5, 2018Ripple
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Independent Reserve will start trading XRP on Saturday in pairs with fiat currencies and four major virtual coins.


Australian virtual currency exchange Independent Reserve said on Tuesday it is adding Ripple (XRP) to its list of supported cryptocurrencies.

According to the company’s official announcement, XRP will start trading on the platform on Saturday, allowing users to buy the coin with Australian dollar, New Zealand dollar and US dollar, while also trade it in pairs with Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

All XRP trades will be discounted to a 0.1% fee for the first two weeks following the launch. The new offering will be available to retail investors through its exchange, as well as over the counter to institutional customers, Independent Reserve further detailed.

“The addition of XRP is in line with our strategy of adding high-quality digital currencies in a thoughtful and measured way. 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,” Independent Reserve CEO Adrian Przelozny stated.

In April, 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 the crypto sector in the country.

As an AUSTRAC-approved platform, Independent Reserve is required to comply with anti-money laundering and counter-terrorism financing (AML/CTF) obligations, to keep customer records and flag suspicious trading, including all cash transactions above A$10,000.

Introduced by Ripple Labs in 2011, XRP currently ranks as the world’s third-largest cryptocurrency. The token has been gaining popularity among financial institutions and already boasts American Express, NBA, and Banco Santander among its global partners.

XRP can be bought on most major crypto exchanges, including Bithumb, Coinone, Korbit, Bitso, Bittrex, Bitfinex, Poloniex, BitStamp, Hitbtc, Kraken. In Australia, the coin is also supported by another AUSTRAC-regulated platform, CoinSpot.

The price of XRP has recently recovered from the bear market seen in June, bouncing back from a low of $0.43 on Friday. At press time, the cryptocurrency was trading at $0.48 — 0.02% down in the past 24 hours. Its market capitalization stood at $19.2 billion.

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