Asia-backed crypto exchange Mine Digital is setting up shop in Australia
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The Australian crypto landscape has a new entrant, with the launch of cryptocurrency exchange Mine Digital in the local market.
The exchange has the backing of Hong Kong-listed BC Group, which operates the ANXONE crypto trading platform in Asia.
“By leveraging BC Group’s products and services, we’ll be able to offer users insured custody, access to market leading trading solutions, global liquidity and competitive fees,” Mine CEO Grant Colthup said.
The launch of another local exchange comes on the heels of some momentum in crypto markets, particularly for bitcoin which has climbed back above $US10,000 ($14,825) from 2019 lows of less than $US4,000.
That marked a reversal from the 2018 bear market which saw some domestic exchange competitors exit the local market due to a lack of demand.
In providing insured custody for crypto assets traded on the exchange, Mine Digital will join local competitor Independent Reserve, which was the first Australian crypto exchange to obtain insurance for the crypto assets that it holds in cold storage.
Mine Digital will initially offer trading services for five cryptocurrencies — Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash.
But over the next 12 months the platform plans to add crypto derivative trading, increase the number of coins and establish a trading “economy” which offers educational services to aspiring crypto traders.
The number of crypto trading pairs in the Australian market is limited by local securities laws, which restrict the number of digital coins that exchanges can offer to trade.
That differs from Asia-based exchanges such as Binance, which offers an extensive range of trading pairs with more obscure cryptocurrencies.
“Many of the leading crypto-to-crypto exchanges originated out of the Asia-Pacific region,” Colthup said.
“But in terms of compliant/regulated crypto-fiat venues, the region still lags North America and Europe. We want to fill that gap.”