Company type | Private |
---|---|
Founded | June 2013 [1] |
Founder | Adrian Przelozny, Adam Tepper |
Headquarters | , |
Area served | 36 countries |
Key people | Adrian Przelozny (Chief Executive Officer & Co-Founder) [2] Lasanka Perera (CEO of Independent Reserve Singapore)[ citation needed ] |
Website | Independent Reserve |
Independent Reserve is an Australian-based digital currency exchange founded in 2013. [3] [4] They are an order book exchange and an OTC desk. [5]
Independent Reserve was founded in June 2013 [6] [7] by Adrian Przelozny and Adam Tepper.[ citation needed ] It started operating in October 2014. [8] In February 2015, Adam passed away in a motorcycle accident [9] and Adrian Przelozny took over as CEO. [10] [11] In 2018, Mike Tilley along with KTM Ventures invested into Independent Reserve for 25 percent of the company. [12] [13] [14] In March 2018, the OTC desk was launched. [15] In February 2019, Independent Reserve was the first Australian digital asset exchange to offer insurance on cryptocurrency assets. [16] In January 2020, Independent Reserve announced its expansion into Singapore, citing regulatory conditions. [17] In August 2021, the platform secured an approval from the Monetary Authority of Singapore that will allow it to offer digital payment token services. [18] [19] [20] [21]
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”. [22]
In March 2023, Independent Reserve acquired a cryptocurrency exchange brand Bitcoin.com.au in a deal worth $3 million. [23] In August 2023, Independent Reserve signed a partnership with PayPal, [24] to enable users to send Australian dollars using a credit card or their PayPal account. [25]
A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid–ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
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Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.
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OKX is a global cryptocurrency spot and derivatives exchange and the second biggest crypto exchange by trading volume, serving over 50 million people globally. It was founded by Star Xu in 2017, who is also the CEO as of 2023. The President is Hong Fang and the CMO is Haider Rafique. OKX is owned by OK Group, which also owns the crypto exchange Okcoin.
Paxos Trust Company is a New York–based financial institution and technology company specializing in blockchain. The company's product offerings include a cryptocurrency brokerage service, asset tokenization services, and settlement services. ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.
FTX Trading Ltd., commonly known as FTX, is a bankrupt company that formerly operated a fraud-ridden cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang. At its peak in July 2021, the company had over one million users and was the third-largest cryptocurrency exchange by volume. FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas. FTX is closely associated with FTX.US, a separate exchange available to US residents.
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The bankruptcy of FTX, a Bahamas-based cryptocurrency exchange, began in November 2022. The collapse of FTX, caused by a spike in customer withdrawals that exposed an $8 billion hole in FTX’s accounts, served as the impetus for its bankruptcy. Prior to its collapse, FTX was the third-largest cryptocurrency exchange by volume and had over one million users.
Bitcoin.com.au is an Australian cryptocurrency exchange platform founded in 2015. It was purchased from Banxa by Independent Reserve for $3M in 2023.