Australian company Independent Reserve launched bitcoin exchange operations offering cryptocurrency trading in either U.S. dollars or Australian dollars. According to CEO Adrian Przelozny, their company is the first bitcoin exchange to do so and that it would allow Australians to trade bitcoin without the exchange rate risks involved in having to trade their currency to U.S. dollars.
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 explained.
Bitcoin Exchange Plans
“With the Australian dollar falling against the U.S. dollar, 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” Przelonzy added.
Aside from that, Independent Reserve clients can also manage multiple accounts in multiple currencies while breaking orders across multiple denominations as well. This makes the bitcoin exchange the only one of its kind to offer multi-currency orders flexibility.
Przelony noted that people use bitcoin mostly to avoid hefty international transaction costs associated with money transfers or conversions. For him, the bitcoin exchange is making an approach towards fulfilling consumer needs in facilitating multi-currency trading.
Independent Reserve also mentioned its plans to include the New Zealand dollar in the mix later this year. After all, the Australian bitcoin exchange also plans to tap into the nearby New Zealand market to expand its operations and increase its number of client accounts.
Regulatory conditions have been more or less favorable of bitcoin exchange firms in these countries. In Australia, the tax office announced in August last year that it would treat bitcoin as an asset. In New Zealand, the Reserve Bank has simply stated that bitcoin owners and operators don’t need its approval.