An Australian regulated cryptocurrency exchanger has chosen to recognise Ripple’s XRP as a “valid” cryptocurrency and has listed it on it’s platform as a token for trading. Independent Reserve, the Australian cryptocurrency exchanger made the decision over the weekend and has since 7th July started trading the third largest cryptocurrency by market cap on it’s platform. XRP joining the list of traded tokens makes it now five on the platform; Bitcoin, Ethereum, Bitcoin Cash, Litecoin.
In order to promote interest in the coin, Independent Reserve is offering for the first to weeks a 0.1% brokerage fee for trades in only the Ripple XRP. The press release of the firm said
“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.”
According to other reports, the exchange firm based in the capital of the country will be trading the newly added token also via over-the-counter services for “institutional clients” along with its exchange service. The Chief Executive Officer of the firm, Adrian Przelozny, mentioned in a statement that
“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.”
Apparently, Ripple XRP met some standards or criteria that other cryptocurrencies haven’t or didn’t, which has led to the adoption of the token for trading on the exchange. What this criteria is exactly we will not know, however the firm believes that Ripple is health enough to be on it’s platform.
The firm itself is Australia’s first regulated cryptocurrency exchanger so it’s no news then are pretty strict about what and what to list on their platform.
Independent Reserve is approved by AUSTRAC. The Australian Transaction Report and Analysis Centre (AUSTRAC) o’s the body that regulates and oversees cryptocurrencies in the country. It also is Australia’s regulator and overseeing body for money laundering and all other forms of illegal financial activities.
At the beginning of this year all cryptocurrency exchangers in the country have been required to register with the regulator judging by how much traction cryptocurrencies are gaining daily.
With Independent Reserve joining the number of exchanges that trade in Ripple, we might see an increment in the value of the token at least temporarily or maybe enough to see it stay above $1.2 for the next month.
Read more: Ripple Guide
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