Crypto Boom Fuels New Australian Exchanges

Australia is a crypto-friendly region, with new exchanges coming on board soon.


Australia is considered one of the Bitcoin-friendly regions of the world. All the while, Australia’s central bank governor has described the on-going craze with Bitcoin as “speculative mania.” Some commercial banks have tried to curb the usage of Bitcoin by denying services: 

 

 

Speaking at the Australian Payment Summit in December, Reserve Bank of Australia (RAB) governor Philip Lowe, commented: 
 

[I]n reality, these currencies are not being commonly used for everyday payments and, as things currently stand, it is hard to see that changing.

Despite the contrarian view of the nation's monetary policymaker over the rising popularity of Bitcoin, at least three Australian startups are getting a significant boost by capitalizing on the growth of the digital currency space.

Coinjar

Founded in 2013, Coinjar boasts of more than 70,000 customers and over $100 million worth of processed transactions. The scale of Coinjar’s transactions makes the company one of the most significant cryptocurrency exchanges in Australia. The Melbourne-based company is simplifying Bitcoin trading experience, particularly among newbies. The recent surge in Bitcoin prices is a major boost to this Australian startup because it translates to larger transaction volume. 
 

Coinjar is now seeking to expand its team, a good sign of development: 

 

 

National Currency Exchange 

This Perth-based tech firm is scheduled to launch a brand-new cryptocurrency exchange in Australia early this year and plans to trade in Bitcoin and Ethereuminitially. The National Currency Exchange Chief Executive Tommy Shin said he had raised $750,000 for the launch. He is planning to trade other cryptocurrencies in the future and add initial coin offerings (ICOs) in the latter part of this year.
 

Shin stated:
 

“We will also be adhering to best practice and industry standards used in the verification of users’ ID as part of Know Your Customer. We have also implemented real-time reconciliation and best practice accounting processes in place to ensure transparency.” 

Blockbid

The youngest of the three Australian startups, the Melbourne-based Blockbid separates itself from the crowd by offering user-friendly exchanges that allow its customers access alternative coins other than the most commonly traded digital currencies such as Bitcoin and ethereum.
 

Blockbid is a promising project, aiming to offer more liquidity as individual investors are becoming more curious for cryptocurrencies:
 

 

 

Blockbid claims to have an ultra-secure platform that is running on Australia’s fastest exchange network capable of facilitating up to one million transactions per second, with security built from the group up. The company launched an ICO on October 22 and is still on-going.

 

...

Source