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News and Announcements

Independent Reserve confirms Banking Partner

  • Published March 31, 2014 1:42PM UTC
  • Publisher Wholesale Investor
  • Categories Company Updates

Dear Investor,

Quite a lot of exciting developments have happened since our last update in January!

Here is our news:

  • Last time we mentioned that we have submitted to ASIC the documentation required for an Australian Financial Services Licence (AFSL).  Since then, we have been in frequent communication with ASIC regarding what we are doing, and we have sent them a lot of documentation about how we will comply with the regulations and our business processes.  Earlier this week, they asked for some final documentation regarding the individual roles of the Responsible Managers, which we have sent today.  They have advised that after reviewing the documentation we sent them today, the final decision is expected shortly.
  • In our previous update, we noted that we were tentatively speaking with banking partners.  I’m pleased to announce that we now have a banking partner in Australia that we are very happy with, and a partner that is fully aware of our business as a digital currency exchange and excited to work with us.  In addition to this, we also have established foreign currency accounts in several different countries around the world, to make it easier for clients to transfer funds.  These accounts are now completely operational.
  • The development of our exchange has progressed significantly further than we had in January, and we now have an almost fully-functional user interface.  We have developed a trade simulator, and have been simulating hundreds of thousands of trades on our exchange this month, identifying any potential issues and giving us an opportunity to tune performance.  As of this week, our exchange is now in a position that we have been able to conduct working demonstrations with several potential investors, allowing them to see the user interface and initiate trades.  We have received very positive feedback in this regard.
  • We are now 80 % complete in the configuration of our production environment, having sat down with AWS architects in Sydney and working with them to deliver a very robust and secure environment.  We have over 30 servers with AWS, spanning multiple data centres.  This solution provides enormous scalability, as well as redundancy in the event any of these servers should fail.  Adrian is doing a remarkable job with this.
  • We have had some very interesting discussions both with fund managers in Australia, as well as some high-profile Australian investors.  We are working very closely with these people to get a great result for Independent Reserve and its shareholders.  These types of partnerships will be able to supply a great amount of liquidity to our young exchange.
  • Later this month will see the switching-on of our corporate telephone lines, another step on the way to a production ready system.

As I review our systems every day, it’s quite exciting to look at everything we’ve built and see everything working together, knowing that it will be live very soon!  We still have things to do, and some tweaks to the user interface to make it easier to use, but I can tell you it’s looking really great now!  Thanks again for everyone’s support to get us where we are today.

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