Cryptocurrency Exchange Platform

Ripple (XRP) Listed On Independence Reserve, An Australian Cryptocurrency Exchange Platform

Ripple (XRP) is on the brink of getting listed on Independence Reserve, a 100% regulated Australian cryptocurrency exchange, as the exchange itself reported a few days ago. Apparently, since July 7th XRP is available on the before-mentioned crypto trading platform and can be exchanged against USD, AUD, and NZD.

Ripple (XRP) listed on Independence Reserve, an Australian crypto trading platform

Independence Reserve will also allow Ripple (XRP) trades against Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). For the beginning, to attract more XRP traders, the Australian cryptocurrency exchange is offering a special XRP-trading fee of only 0.1%.

We are excited to announce the imminent launch of our fifth cryptocurrency – Ripple XRP. XRP is the native currency of the Ripple Transaction Protocol. It is primarily used as a bridge currency for when two entities wish to trade different currencies where no pair exists.

Independence Reserve cryptocurrency exchange platform

According to the Australian crypto trading platform’s CEO, Adrian Przelozny, listing XRP came as a logical step in the company’s “strategy of adding high-quality digital currencies in a thoughtful and measured way.”

“Our clientele has been requesting Ripple (XRP), and we felt this timing was right to offer it to them,” he added.

Independence Reserve is the first Australian cryptocurrency exchange platform to be completely regulated and legal

The Australian Transaction Reports and Analysis Centre (AUSTRAC), the body that is responsible for cryptocurrency monitoring and regulations in Australia, approved Independence Reserve crypto trading platform and asserted that the platform is obeying the Australian legislation regarding cryptocurrency exchange to the letter.

Besides Independence Reserve, which is fully authorized as a cryptocurrency exchange platform, every crypto trading platform that operates in Australia has to register with AUSTRAC before commencing operations. This regulation became valid in April 2018 and also implies that every crypto-related company should also comply with the anti-money laundering (AML) legislation and counter-terrorism financing laws.

Anna Galvez

Bithumb Cryptocurrency Exchange Platform Recovered About 50% Of The Stolen Money

The South Korean Bithumb cryptocurrency exchange platform, one of the most important in the world for its volume of transactions, announced yesterday, June 28th, that it had recovered about 50% of the amount stolen by hackers just over a week ago. Through a publication on its website, Bithumb announced that they had managed to reduce the cost of the damage caused by the cyber attack on June 19th, when a group of hackers stole the equivalent of 35 billion South Korean Won, approximately $31 million.

Thanks to the collaboration of other cryptocurrency exchange platforms from all over the world, approximately $15 million were recovered in cryptocurrencies, leaving the additional $16 million unrecovered, which could be compensated, however, to the victims of the cyber attack.

The Bithumb announcement reveals that, of the 11 different cryptocurrencies that were hacked, the ones that generated the most significant deficit were bitcoin (BTC), Ripple (XRP) and Ethereum (ETH).

Deposits and withdrawals are still halted on Bithumb cryptocurrency platform

The exchange platform has so far suspended both deposits and withdrawals and has not yet given an approximate date for when these operations can be carried out again.

Bithumb platform’s strategy of establishing alliances with other cryptocurrency exchange platforms to recover the stolen funds had already been announced earlier, shortly after the attack. On that occasion, they also mentioned that Bithumb cryptocurrency exchange platform possesses a fund of $500 million, which is destined to cover losses of a potential cyber attack that might affect the platform, as it happened last week.

One of the consequences of the cyber attack on Bithumb was momentary congestion of the Bitcoin (BTC) network, a few hours after the attack occurred. The delay in confirming transactions is attributed to this event, since, as a security measure, the remaining funds from the platform’s BTC wallets were transferred to a cold wallet where they would be held in a procedure known as consolidation.

Anna Galvez