Coinjar has announced the launch of a cryptocurrency exchange that will exclusively offer AUD currency for fiat pairings. The exchange currently offers AUD and BTC pairings for bitcoin, Ethereum, Litecoin, and Ripple.
Coinjar Launches New Australian Cryptocurrency Exchange
Australian-founded cryptocurrency company Coinjar has announced that it has launched a cryptocurrency exchange exclusively offering fiat pairings in AUD.
The company is offering tiered accounts to users, with free accounts being charged a 1% fee for both orders that make and take liquidity from the order books. ‘Trader’ and ‘Premium’ accounts are also available for $500 AUD and $5000 AUD annually respectively – offering significantly discounted trading fees in addition to enhanced support services. ‘Institutional’ accounts are also available to traders who are able to make a volume commitment.
With regards to storage and security, Coinjar claims to store “At least 90% of our customers’ digital currencies […] offline in geographically redundant secure locations,” adding that “Wherever practicable, we also use multi-sig technology to protect digital assets that must be stored online.”
AUD Markets Lacking Major Exchanges
In recent weeks, Coinjar was announced as a finalist for Fintech Australia’s ‘Excellence in Digital Currencies/Wallets/Exchanges’ award – an award to be given as part of the not-for-profit organization’s 2018 Finnie awards.
According to Cryptocompare, the AUD bitcoin markets are highly centralized – with approximately 91.5% of trade 24-hour trade occurring on BTCMarkets. The second most active exchange is peer-to-peer trading platform Localbitcoins – with accounts for a further 4.75% of trading volume.
As per Australia’s regulations, Coinjar is registered with the Australian Transaction Reports and Analysis Centre.
Do you think that Coinjar will be able to rival BTCMarkets’ apparent dominance of the AUD/BTC markets? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coinjar
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