Indepedent Reserve, which is based in Sydney, on 3 April 2018, became the first crypto exchange in Australia to to be regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC), which has the task of ensuring (among other things) that all crypto exchanges dealing with fiat currency follow certain rules, such as AML and KYC.
Currently, this exchange supports Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ether (ETH), but from 7 July 2018, it is adding support for XRP.
According to CEO Adrian Przelozny, Independent Reserve will be supporting buy/selling of XRP for both retail investors (via the exchange) and institutional investors (via an OTC desk). Here is how he explained the reasons for adding support for XRP:
“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 have been requesting XRP and we felt this timing was right to offer it to them.”
XRP will be available to trade on Independent Reserve at 7pm on 7 July. The following tradings will be offered: XRP/AUD, XRP/NZD, XRP/USD, XRP/BTC, XRP/ETH, XRP/LTC, and XRP/BCH.
For the first two weeks, commission on all XRP trades will only be 0.1%.