Independent Reserve, the Australian bitcoin marketplace announced yesterday that they will be offering direct bitcoin trading in both US and Australian dollars.
With the introduction of this multi-currency digital foreign exchange, customers will be able to separate single orders across many different currencies using the platform, making it the only Australian bitcoin exchange that can facilitate multi-currency orders.
Alongside these benefits, customers can also avoid currency conversion fees by purchasing bitcoins in one currency and redeeming it in another which could result in competition for traditional foreign exchange providers.
Adrian Przelozny, CEO of Independent Reserve, said that this development could also lead to a decrease in the risk of converting to US dollars because the company have “created a distinct pool within the exchange whereby people can trade Bitcoin in AUD without losing any value in currency conversion. It’s a big win for Australians.”
Attempting to avoid large international exchange fees is becoming a trend amongst customers and Independent Reserve is striving to support this. Przelozny said that “people wishing to use the Bitcoin ecosystem to make payments in Australian dollars can enjoy pricing efficiencies by avoiding traditional currency conversion fee.”
Later this year, Independent Reserve will enable customers to exchange bitcoin in New Zealand dollars which will mean the service is available in more countries.
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