Australian Crypto Exchange Launching XRP Trading Pairs Because XRP Is a ‘High-Quality’ Digital Currency

Independent Reserve, Australia's first regulated digital currency exchange, is reportedly launching XRP trading pairs on 7 July 2018.

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%.

 

Featured Image Credit: Photo by "Patrick McLachlan" via Pexels; licensed "Creative Commons Zero"

Coinbase Custody: $1 Billion in Assets Under Management Just 12 Months After Launch

Brian Armstrong, CEO at Coinbase, one of the largest cryptoasset trading platforms, has revealed that Coinbase Custody now has approximately $1 billion in assets under management (AUM).

All Assets Are Regulated, Insured, Subjected To Internal Evaluations

On May 6th, 2019, Coinbase’s management revealed that Coinbase Custody has added more than 20 different cryptocurrencies to its platform (so far this year). In addition to providing support for a wide range of cryptos, Coinbase’s team aims to “offer a safe, regulated and insured storage platform for all the assets [its] clients request and that pass [its] internal evaluations.”

Launched on May 15th, 2018, Coinbase Custody has been adding an average of around “$150 million AUM a month” and 70 institutional clients have registered (so far) to use the exchange operator’s digital asset custodial solution. This, according to Armstrong, whose comments came during an on-stage discussion at Coindesk’s Consensus 2019 event, held on May 15th, 2019.

Armstrong mentioned that institutional investors are also looking for cryptocurrency services such as “staking and voting, [and] doing governance on-chain.” Expressing views that are similar to many other blockchain industry participants, Armstrong believes proof-of-stake (PoS)-based cryptocurrencies will be widely used as their adoption rate is “growing rapidly.”

While most institutional clients are primarily interested in Bitcoin-related investments, Armstrong said that investors are now also more open to investing in other digital assets.

First Custodian To Provide OTC Trading “Directly From Cold Storage”

During the first of this year, Coinbase Custody has been integrating new features and support and it also became “the first institutional-grade, qualified custodian” to provide staking services for cryptoassets held in cold storage (offline). Coinbase Custody is also one of the first platforms to offer over-the-counter (OTC) trading “directly from cold storage.”

Only Around 200 Institutions Are “All In” On Crypto “So Far”

According to Fred Wilson, a partner at Union Square Ventures: “The token funds and venture funds will make up the first two big institutional funds. For them [traditional institutions] to take their chips and go all in, I don’t see that in the next year or two.”

He also mentioned:

When people read in the Wall Street Journal that institutions are coming to crypto, they think Goldman is coming, but in reality, maybe 100 token funds in the US and 100 in Asia are all in so far.

Notably, Armstrong revealed that 60% of Coinbase’s “trading volume” now comes from institutions.

He added:

I would love to be in a world where people could self-custody … and still participate in exchanges, we’re talking to people at StarkWare about that.

Interestingly, Armstrong has also acknowledged that Coinbase is becoming increasingly centralized and that the exchange is “a victim of [its own] success.”