Running a Bitcoin exchange is a full-time job, especially when taking into account that you need to monitor platform’s security and offer customer support around the clock. You would almost start to wonder where exchange operators find the time to bring additional services or currencies to their platform, as well. Australia’s Independent Reserve is launching a multi-currency Bitcoin exchange soon.
Supporting both USD and AUD Fiat Currencies
Australia is not exactly open to Bitcoin, but neither are the country’s officials actively prohibiting use of Bitcoin and digital currency either, at this time. The main concern for any Bitcoin-related business operating in Australia and/or servicing Australian customers is the GST tax, which is as high as 10% on top of the total amount.
However, that is not preventing Bitcoin exchanges from operating in Australia. Several companies had to close down operations – or even shut their doors in the process – yet Independent Reserve managed to stay afloat. Or, to be more precise, Independent Reserve is expanding their business by supporting both AUD and USD fiat currencies.
“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” – Adrian Przelozny, CEO, Independent Reserve told DigitalMoneyTimes recently.
Which brings us to one of the major obstacles when it comes to achieving mainstream adoption. In order to purchase your first Bitcoin(s) from an exchange, there are several hoops you have to go through. Luckily for all of us, the verification process has been simplified quite a bit, and usually won’t take longer than 24 hours on a business day to complete.
However, if you are using a currency that is not EUR, GBP, USD or CNY, you will need to exchange from your local currency to one of these currencies first. This creates an extra step in the process of obtaining Bitcoin, which is a huge letdown and turn off for most everyday consumers. Once that step is removed, we have a far better chance at gaining worldwide Bitcoin adoption on a large scale.
“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” Mr. Przelonzy told DigitalMoneyTimes yesterday evening.
Multiple Accounts for Multiple Currencies
Because Independent Reserve offers both USD and AUD Bitcoin trading markets, existing and new customers have the option of creating multiple accounts for multiple fiat currencies. On top of that, an option has been implemented to break down one large buy or sell order into multiple currencies as well.
“Considering the fact that there has been a strong trend towards people using Bitcoin to avoid hefty international currency exchange fees, multi-currency exchanges were a further step towards facilitating this option. People wishing to use the Bitcoin ecosystem to make payments in Australian dollars can enjoy pricing efficiencies by avoiding traditional currency conversion fees.” – Adrian Przelozny
Independent Reserve is now Australia’s only Bitcoin exchange facilitating multi-currency orders in a user-friendly way. On top of that, their customers can bypass the foreign currency exchange fees from AUD to USD and vice versa. And, that is not all, as Independent reserve also plans to add support for New Zealand Dollar (NZD) to their Bitcoin exchange platform later this year.
Images courtesy of Independent Reserve