Independent Reserve
{{Short description|Australian digital currency exchange}}
{{Infobox company
| name = Independent Reserve
| logo =
| type = Private
| founded = {{Start date and age|2013|06}} {{Cite web |date=2014-11-01 |title=Current details for ABN 46 164 257 069 |url=https://abr.business.gov.au/ |access-date=2023-10-24 |website=abr.business.gov.au |language=en}}
| founder = Adrian Przelozny, Adam Tepper
| hq_location_city = Sydney, New South Wales
| hq_location_country = Australia
| area_served = 36 countries
| key_people =
| website = [http://www.independentreserve.com Independent Reserve]
}}
Independent Reserve is an Australian-based digital currency exchange founded in 2013.{{Cite news |date=2021-08-02 |title=Crypto Exchange Gets Singapore Nod on Digital Token Services |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2021-08-02/crypto-exchange-gets-mas-in-principle-approval-for-dpt-services |access-date=2023-10-24}}{{Cite web |title=Singapore leads in cleaning up the crypto industry |url=https://www.thebanker.com/Singapore-leads-in-cleaning-up-the-crypto-industry-1628263764 |access-date=2023-10-24 |website=www.thebanker.com |language=en}} They are an order book exchange and an OTC desk.{{Cite web |date=2022-12-04 |title=Why Aussie crypto stars are certain Larry Fink is wrong |url=https://www.afr.com/technology/why-aussie-crypto-stars-are-certain-larry-fink-is-wrong-20221202-p5c3ai |access-date=2023-10-24 |website=Australian Financial Review |language=en}}
History
Independent Reserve was founded in June 2013{{Cite web |date=2020-11-19 |title=Shareholders in biggest Aussie crypto exchange fired up |url=https://www.afr.com/street-talk/shareholders-in-biggest-aussie-crypto-exchange-fired-up-20201119-p56fyt |access-date=2023-10-24 |website=Australian Financial Review |language=en}}{{Cite web |last=Gimondo |first=Bianca |date=2023-03-24 |title=Bored Apes and bank rates: A look at cryptocurrency and NFTs in 2023 |url=https://themarketherald.com.au/bored-apes-and-bank-rates-a-look-at-cryptocurrency-and-nfts-in-2023-2023-03-24/ |access-date=2023-10-24 |website=The Market Herald |language=en-US}} by Adrian Przelozny and Adam Tepper.{{cn|date=November 2023}} It started operating in October 2014.{{Cite web |date=2021-09-30 |title=Crypto exchanges Independent Reserve, Coinjar win regulation offshore |url=https://www.afr.com/companies/financial-services/crypto-exchanges-independent-reserve-coinjar-win-regulation-offshore-20210930-p58w1i |access-date=2023-10-24 |website=Australian Financial Review |language=en}} In February 2015, Adam passed away in a motorcycle accident{{Cite news |agency=Australian Associated Press |date=2015-02-28 |title=Australian bitcoin entrepreneur Adam Tepper dies in Thailand |language=en-GB |work=The Guardian |url=https://www.theguardian.com/technology/2015/mar/01/australian-bitcoin-entrepreneur-adam-tepper-dies-in-thailand |access-date=2023-10-24 |issn=0261-3077}} and Adrian Przelozny took over as CEO.{{Cite news |date=2015-02-28 |title=Australian Bitcoin trader dies in Thailand |language=en-AU |work=ABC News |url=https://www.abc.net.au/news/2015-02-28/bitcoin-ceo-adam-tepper-killed-in-thailand/6271440 |access-date=2023-10-24}}{{Cite web |last=Powell |first=Dominic |date=2022-12-04 |title=FTX fallout: Why running a crypto exchange just got a lot harder |url=https://www.smh.com.au/business/entrepreneurship/ftx-fallout-why-running-a-crypto-exchange-just-got-a-lot-harder-20221202-p5c370.html |access-date=2023-10-24 |website=The Sydney Morning Herald |language=en}} In 2018, Mike Tilley along with KTM Ventures invested into Independent Reserve for 25 percent of the company.{{Cite web |date=2020-01-31 |title=Australian Crypto Exchange Debuts in Singapore |url=https://www.finews.asia/finance/30861-australian-crypto-exchange-debuts-singapore-independent-reserve |access-date=2023-10-24 |website=finews.asia |language=en-gb}}{{Cite web |title=Crypto exchange joins elite group |url=https://www.theaustralian.com.au/business/technology/crypto-exchange-joins-elite-group/news-story/4559096ef76ee775b83d7c30ccc12a4c |access-date=2023-10-24 |website=.theaustralian.com}}
In March 2018, the OTC desk was launched.{{Cite web |title=Digital Currency Exchange Opens OTC Desk For Institutions: Independent Reserve |url=https://mondovisione.com/media-and-resources/news/digital-currency-exchange-opens-otc-desk-for-institutions-independent-reserve/ |access-date=2023-10-24 |website=mondovisione.com}} In February 2019, Independent Reserve was the first Australian digital asset exchange to offer insurance on cryptocurrency assets.{{Cite web |date=2023-10-24 |title=Crypto News: Australia Moves On Regulation |url=https://www.forbes.com/advisor/au/investing/cryptocurrency/crypto-news-australia/ |access-date=2023-10-24 |website=Forbes Australia |language=en-US}} In January 2020, Independent Reserve announced its expansion into Singapore, citing regulatory conditions.{{Cite web |date=2020-01-24 |title=Aussie Crypto Exchange 'Independent Reserve' Expands to Singapore {{!}} Finance Magnates |url=https://www.financemagnates.com/cryptocurrency/news/aussie-crypto-exchange-independent-reserve-expands-to-singapore/ |access-date=2023-10-24 |website=Financial and Business News {{!}} Finance Magnates |language=en}} In August 2021, the platform secured an approval from the Monetary Authority of Singapore that will allow it to offer digital payment token services.{{Cite news |last=Ruehl |first=Mercedes |date=2021-08-03 |title=Singapore to grant first crypto licence in bid to lure digital asset groups |work=Financial Times |url=https://www.ft.com/content/4b8aba07-6035-4bdb-a6bb-cb64624d0ac6 |access-date=2023-10-24}}{{Cite web |author=Staff Reporter |date=2021-10-01 |title=Independent Reserve gets crypto licence from MAS |url=https://sbr.com.sg/financial-services/news/independent-reserve-gets-crypto-licence-mas |access-date=2023-10-24 |website=Singapore Business Review |language=en}}{{Cite news |last=Lim |first=Joyce |date=2021-10-01 |title=MAS grants crypto licences to DBS unit and Australian exchange; more licences expected to be issued |url=https://www.straitstimes.com/business/banking/mas-grants-crypto-licences-to-dbs-and-australian-exchange-more-licences-expected-to |access-date=2023-10-24 |work=The Straits Times |language=en |issn=0585-3923}}{{Cite web |last=Swan |first=David |date=22 November 2022 |title=FTX's local users to lose 'very significant' sums |url=https://www.theaustralian.com.au/business/technology/ftx-collapse-australians-lose-very-significant-sums/news-story/09c7267616cec7229d8bbb14e47f1529?amp&nk=831f8fc8efff35bd4e1699746eb76c8c-1697640612 |website=The Australian}}
In December 2021, Independent Reserve partnered with the Sydney Swans team and signed a one-year arrangement as the “Official Cryptocurrency Exchange of the Sydney Swans”.{{Cite web |last=Badman |first=Rob |date=2021-12-06 |title='Go the Bloods'… Independent Reserve crypto exchange teams up with Sydney Swans |url=https://stockhead.com.au/cryptocurrency/go-the-bloods-independent-reserve-crypto-exchange-teams-up-with-sydney-swans/ |access-date=2023-10-24 |website=Stockhead |language=en-US}}
In March 2023, Independent Reserve acquired a cryptocurrency exchange brand Bitcoin.com.au in a deal worth $3 million.{{Cite web |date=2023-03-22 |title=Crypto exchange buys Bitcoin.com.au brand for $3m |url=https://www.afr.com/technology/crypto-exchange-buys-bitcoin-com-au-brand-for-3m-20230322-p5cucv |access-date=2023-10-24 |website=Australian Financial Review |language=en}} In August 2023, Independent Reserve signed a partnership with PayPal,{{Cite web |last=Badman |first=Rob |date=24 August 2023 |title=Money will become digital': Independent Reserve integrates PayPal payments |url=https://www.heraldsun.com.au/business/stockhead/money-will-become-digital-independent-reserve-integrates-paypal-payments/news-story/3266d1e9819a6736b245f42e9b09d24c |website=Herald Sun}} to enable users to send Australian dollars using a credit card or their PayPal account.{{Cite web |date=2023-08-23 |title=PayPal is shifting Aussie dollars onto crypto exchanges |url=https://www.afr.com/companies/financial-services/paypal-is-shifting-aussie-dollars-onto-crypto-exchanges-20230822-p5dyhy |access-date=2023-10-24 |website=Australian Financial Review |language=en}}
Bitcoin.com.au
{{Infobox company
| name = Bitcoin.com.au
| type = private
| founded = 2015
| hq_location_city = Sydney, New South Wales, Australia
| area_served = Australia
| key_people = Adrian Przelozny (CEO)
| website = https://bitcoin.com.au/
}}
Bitcoin.com.au is an Australian cryptocurrency exchange platform founded in by Rupert Hackett,{{Cite web |last= |first= |title=One group of Australians is making more money from Bitcoin than everyone else |url=https://www.businessinsider.com/one-group-of-australians-is-making-more-money-from-bitcoin-than-everyone-else-2017-8 |access-date=2023-12-05 |website=Business Insider |language=en-US}} then purchased from Banxa by Independent Reserve in 2023.
On 20 June 2016, Bitcoin.com.au partnered with BlueShyft.{{Cite web |last=Blueshyft |date=2016-06-23 |title=Sitting down with our new partner, bitcoin.com.au |url=https://medium.com/@blueshyft/sitting-down-with-our-new-partner-bitcoin-com-au-3ddec29f6bea |access-date=2023-11-23 |website=Medium |language=en}}
On August 2, 2017, the platform raised $815,000 in series A funding to expand globally and added Ethereum and XRP to its exchange.{{Cite web |title=State Library of Queensland |url=https://www.slq.qld.gov.au/blog/australian-bitcoin-exchange-startup-just-raised-815000-expand-globally-and-add-ethereum-its |access-date=2023-11-23 |website=www.slq.qld.gov.au |date=2 August 2017 |language=en}}{{Cite web |date=2018-03-19 |title=This Australian Bitcoin exchange startup just raised $815,000 to expand globally and add Ethereum to its platform |url=https://www.businessinsider.com.au/this-australian-bitcoin-exchange-startup-just-raised-815000-to-expand-globally-and-add-ethereum-to-its-platform-2017-7#douBe0wcsHoJOJOU.99 |access-date=2023-12-05 |archive-url=https://web.archive.org/web/20180319040617/https://www.businessinsider.com.au/this-australian-bitcoin-exchange-startup-just-raised-815000-to-expand-globally-and-add-ethereum-to-its-platform-2017-7#douBe0wcsHoJOJOU.99 |archive-date=2018-03-19 }}
On July 13, 2018, Ben Ingram, an Australian PwC director, became the new CEO.{{Cite web |date=2018-07-12 |title=An Australian PwC director has left to become CEO of a crypto advisory business |url=https://www.afr.com/companies/professional-services/an-australian-pwc-director-has-left-to-become-ceo-of-a-crypto-advisory-business-20180713-h12mgo |access-date=2023-11-23 |website=Australian Financial Review |language=en}}
In June 2020, the company partnered with Australia Post, making Bitcoin purchases available at any post offices across Australia.{{Cite web |last=FinTech |first=Australian |date=2020-06-23 |title=Australia Post and Bitcoin.com.au launch a new partnership to pay for Bitcoin at Post Offices |url=https://australianfintech.com.au/australia-post-and-bitcoin-com-au-launch-a-new-partnership-to-pay-for-bitcoin-at-post-offices/ |access-date=2023-12-05 |website=Australian FinTech |language=en-US}}{{Cite web |date=2020-06-26 |title=Australia Post Now Lets Customers Pay for Bitcoin at Over 3,500 Outlets |url=https://finance.yahoo.com/news/australia-post-now-lets-customers-094542080.html |access-date=2023-12-05 |website=Yahoo Finance |language=en-US}}
In March 2023, Bitcoin.com.au became a major sponsor of the Sydney Swans.{{Cite web |last=Badman |first=Rob |date=2023-03-22 |title=New exchange platform and Sydney Swans sponsor Bitcoin.com.au aims to be an easy crypto on-boarder |url=https://stockhead.com.au/cryptocurrency/new-exchange-platform-and-sydney-swans-sponsor-bitcoin-com-au-aims-to-be-an-easy-crypto-on-boarder/ |access-date=2023-11-23 |website=Stockhead |language=en-US}}{{Cite web |date=2023-03-22 |title=NEWEST BITCOIN EXCHANGE HITS THE MARKET: BITCOIN.COM.AU |url=https://finance.yahoo.com/news/newest-bitcoin-exchange-hits-market-220000878.html |access-date=2023-11-23 |website=Yahoo Finance |language=en-US}}{{Cite web |date=2023-03-22 |title=Crypto exchange buys Bitcoin.com.au brand for $3m |url=https://www.afr.com/technology/crypto-exchange-buys-bitcoin-com-au-brand-for-3m-20230322-p5cucv |access-date=2023-11-23 |website=Australian Financial Review |language=en}}{{Cite web |date=2023-03-27 |title=Hamilton Locke Advises Independent Reserve on Acquisition of bitcoin.com.au Domain - Hamilton Locke |url=https://hamiltonlocke.com.au/hamilton-locke-advises-independent-reserve-on-acquisition-of-bitcoin-com-au-domain/ |access-date=2023-11-23 |language=en-US}} In the same month, the platform was purchased by a Sydney-based cryptocurrency company called Independent Reserve for $3M as announced by its CEO Adrian Przelozny.{{Cite web |last=Thomsen |first=Simon |date=2023 |title=Crypto exchange Independent Reserve snaps up Bitcoin.com.au for $3 million |url=https://www.startupdaily.net/topic/cryptocurrency/crypto-exchange-independent-reserve-snaps-up-bitcoin-com-au-for-3-million/ |access-date=23 November 2023 |website=startupdaily.net}}
In August 2023, Bitcoin.com.au partnered with PayPal, becoming the first digital exchange in Australia to integrate with the mentioned platform as a funding option.{{Cite web |title=MSN |url=https://www.msn.com/ |access-date=2023-12-05 |website=www.msn.com}}
References
External links
- [https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Financial_Technology_and_Regulatory_Technology/AusTechFinCentre/Final_report/section?id=committees%2Freportsen%2F024747%2F77283 Reform options for regulation of digital assets (Parliament of Australia)]
Category:Australian companies established in 2013
Category:Financial services companies based in Sydney