The firm wants to offer its platform and services to a wider audience in APAC, following a number of strategic partnerships and business growth in 2019.
Sydney-based cryptocurrency exchange Independent Reserve, announced its launch in Singapore this week as a separate entity, which will allow Singapore residents to buy, trade and hold digital currencies like Bitcoin, Ethereum, Litecoin, and XRP, on its platform, with Singapore-dollar trading pairs to be added.
We felt the time was right to make this move, said Adrian Przelozny, CEO and founder, in a press release, noting the introduction of the Payments Services Act by the Monetary Authority of Singapore, which entered into force on Tuesday. The response we’ve received so far from the Singapore market has been overwhelmingly positive, he added.
Independent Reserve was established in 2013 and has the backing of the Australian finance industry heavyweights Mike Tilley (ex-CEO of Challenger Financial and Chairman of Latitude Financial), Martin Rogers (KTM Ventures) and Steve James (Seer Asset Management), who are investors and board members.
The firm has already built a strong presence in Australia and New Zealand, with over 120,000 customers and around 8,000 self-managed super funds (SMSFs), and recently introduced insurance coverage for cryptocurrency held by its clients.
It has also been working closely with regulatory bodies including AUSTRAC to formulate AML/CTF regulatory frameworks for the industry.