Author: TOM MITCHELHILL, COINTELEGRAPH; Translation: Song Xue, LianGuai
The CEO of Australian cryptocurrency exchange Independent Reserve has said that the company has turned to payment giant LianGuaiyLianGuail to hedge against increasing restrictions imposed by banks on cryptocurrency exchanges.
The exchange has partnered with LianGuaiyLianGuail to enable an entry point for Independent Reserve’s customers to directly fund their cryptocurrency accounts with fiat currency from LianGuaiyLianGuail wallets, as well as withdraw funds from the cryptocurrency exchange using LianGuaiyLianGuail.
Adrian Przelozny, CEO of Independent Reserve, said in an interview that the new partnership provides additional options for Australian cryptocurrency investors and can also mitigate future risks if “other banks decide to truly align with the industry.”
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As of today, at least five major Australian banks – Bendigo Bank, Commonwealth Bank, National Australia Bank (NAB), Westpac, and ANZ – have implemented a series of restrictions on customers wishing to deposit and withdraw cryptocurrencies from digital asset exchanges.
Commonwealth Bank is one of the strictest banks in Australia, with a monthly limit of $10,000 on all deposits to cryptocurrency exchanges. Other restrictions include blocking certain “high-risk” payments and canceling instant deposits from cryptocurrency exchanges.
Przelozny noted that this is the first example of LianGuaiyLianGuail partnering with a cryptocurrency exchange in the Asia-Pacific region, and praised the payment company for entering the cryptocurrency field with a positive attitude.
He said, “It’s encouraging to see companies like LianGuaiyLianGuail going against the trend and seeing the opportunities in the cryptocurrency industry, rather than what other banks have done, which is to view the industry purely as a risk.”
Przelozny pointed out that funds sent to exchanges via LianGuaiyLianGuail or credit card have a daily deposit limit of $5,000, which is much more lenient than the limits imposed by some major banks.
Peter Cowan, Managing Director of LianGuaiyLianGuail Australia, stated in a statement that this partnership will help reduce the restrictions and complexities for Australian cryptocurrency investors in transferring funds between digital asset exchanges.
“By integrating LianGuaiyLianGuail wallets for deposits and LianGuaiyLianGuail’s platform for card processing, Independent Reserve and Bitcoin.com.au make it easier for investors to access cryptocurrencies while being able to withdraw funds in real-time to LianGuaiyLianGuail wallets.”
Cowan also expressed his bullish views on digital currencies.
“At LianGuaiyLianGuail, we believe that currency will be digitized – it’s just a matter of time, not whether it will happen. Digital currency has the potential to drive financial technology innovation and continually improve economic opportunities and financial inclusivity.”
On August 7th, LianGuaiyLianGuail announced the launch of its own stablecoin, PYUSD, which is pegged to the US dollar.
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