Independent Reserve, a cryptocurrency exchange based in Australia has announced plans to launch support for Ripple (XRP) on its trading platform before the end of the week.
Independent Reserve happens to be the first regulated digital currency exchange in Australia and it just announced that it plans to start supporting Ripple. The exchange revealed that its users will be able to trade the digital currency from Saturday, July 7. It also revealed plans to discount all the trades involving XRP to 0.1 percent for the first two weeks.
Both institutional investors and retail investors will be able to trade the cryptocurrency once it is made available on Independent Reserve. Institutional investors will, however, be provided access through over-the-counter trading. Ripple is currently the third biggest cryptocurrency in terms of market cap with Bitcoin (BTC) taking the lead and Ethereum (ETH) in the second position. XRP?s market cap was north of $18.90 billion at the time of this press.
?Our clientele have been requesting XRP and we felt this timing was right to offer it to them,? stated Adrian Przelozny, the CEO of Independent Reserve as he explained why they decided to support Ripple.
Strict criteria for coin listing
Przelozny also pointed out that there are a lot of cryptocurrencies currently available. However, Independent Reserve’s policy dictates that digital currencies have to meet various standards including volume, stability, and quality before being listed on its platform. Ripple seems to meet those standards thus the crypto exchange?s decision to support it.
Independent Reserve users will be able to buy Ripple using USD, AUD, and NZD. The Australian cryptocurrency exchange also supports the trading of cryptocurrency pairs for multiple currencies including Bitcoin, Ethereum, Litecoin (LTC) and Bitcoin Cash (BCH).
The Australian crypto exchange has been making big moves in the cryptocurrency market. In April this year, it became the first cryptocurrency to be regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). The regulation requires exchanges to comply with anti-money laundering and counter-terrorism financing (AML/CTF) regulations. Przelozny stated that the exchange has been pushing for increased regulations since it was founded in 2014.