CoinJar, the Australia based bitcoin and cryptocurrency company is planning to lend a bitcoin service. The CoinJar is now focusing on to the launch of new crypto exchange. It had realistic goal to provide the quickest crypto trading services to Australians. At present, the new exchange offers AUD and BTC pairings for ETH, LTC, XRP and BTC.
Australian New Crypto Exchange: CoinJar
The announcement rolled out on May 21st, 2018 with the new exchange being live at exchange.coinjar.com. Firstly, its optimistic to see CoinJar project for stepping into crypto exchange world. Thus, concerning more on fiat currency, converting Australian dollars to Bitcoin and altcoins seems to be a difficult task.
With the same regards, CoinJar might prove the huge difference. At present, the exchange supports BTC, ETH, XRP and LTC pairings. Along with AUD pairings, all altcoins can avail trading in against BTC.
The New exchange’s Workflow
Firstly, CoinJar’s main priorities is focusing on adding extra features such as access to live order books, price charts, market depths. Also, the firm is intending make the process as user-friendly and feasible interface as possible.
Noticeably, the main purpose of this new exchange is to convert AUD fiat currencies to cryptocurrencies like BTC, ETH, LTC and XRP. However, these digital currencies have their own AUD pairs including Bitcoin markets for Ripple, Litecoin and Ethereum.
Precisely, the company is offering tiered accounts to users as there are diverse ‘tiers’ of fees to put it up. It might be tricky since free accounts will have 1% takes fee and 1% maker fee. As such, it is preferring to pay for premium, trader and institutional options at the range from AUD $500 to AUD$5000 per year.
However, email support, different site theme, lower fees and much more will be the end results of these paid subscriptions.
Further, concerning over security and storage, CoinJar claims that,
“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”.
However, few weeks back, CoinJar was declared as a finalist for Fintech Australia’s Excellence in Crypto/Wallet/Exchange Award. The award was presented as part of not-for-profit organization’s Finnie awards, 2018.
According to Australia’s regulations, the Australia’s crypto exchange will have to be register under Australian Transaction Reports and Analysis Centre (AUSTRAC). Therefore, it is mandatory to their obligations like:
- Consumer identification and due diligence
- Identifying, managing and reducing money laundering and terrorism financing risk.
- Confidential matter reporting
- Threshold Transaction reporting
- Record Track holdings.