A Bitcoin market Independent Reserve has recently announced that it has become the first Australian exchange with a possibility of Bitcoin trading directly in both U.S. and Australian dollars.
Independent Reserve was founded in 2013 in Sydney, Australia. One of the unique features of Independent Reserve is that the company is underpinned by Australia’s highly regulated financial sector and is audited annually by PricewaterhouseCoopers.
According to Independent Reserve website, the company is overseen by an experienced advisory board, chaired by Michael Go, with over 25 years’ experience as an executive in global markets.
As said by Adrian Przelozny, the company’s Chief Technology Officer, such development would enable Australians to trade Bitcoin without facing the currency risks of converting to USD:
“People wanting to trade Bitcoin directly – as opposed to purchasing it through a facilitator as they do on some other Australian venues – have up until now faced the prospect of converting AUD to USD before they can do so,” he said. “With the AUD falling against the USD, this hasn’t been great for Australians. Now, we have created a distinct pool within the exchange whereby people can trade Bitcoin in AUD without losing any value in currency conversion. It’s a big win for Australians.”
A new feature of Independent Reserve allows customers to issue a single buy or sell order that can be fulfilled directly within the AUD Bitcoin pool. Furthermore, it enables having multiple accounts in multiple currencies and customers are able to break single orders across multiple currencies.
According to Mr. Przelozny, there was a strong trend towards people using Bitcoin to avoid hefty international currency exchange fees, and that multi-currency exchanges were a further step towards facilitating this:
“People wishing to use the Bitcoin ecosystem to make payments in Australian dollars can enjoy pricing efficiency by avoiding traditional currency conversion fees.”
However, by buying Bitcoins in one currency and redeeming it in another, Independent Reserve customers can avoid high fees and charges from traditional FX providers.
The significant enhancement will allow Independent Reserve to expand internationally and add additional currencies in future. Another good news is that later this year Independent Reserve will enable its customers to exchange Bitcoin directly in New Zealand Dollars as well as AUD and USD.
According to its website, the mission of Independent Reserve is to transform digital currency technology into secure, robust and regulated financial services. The foundation is a strong and experienced executive team, with a broad range of skills in corporate leadership, financial markets, software engineering and regulatory compliance.