Independent Reserve has become the first cryptocurrency exchange in Australia to debut in the Australian Financial Review’s Fast Starters List, coming in at 17th position with a total revenue of $9.67 million reported for the 2017-18 financial year.
The Financial Review’s annual list recognises the 100 fastest growing startup businesses in Australia, based on revenue and revenue growth.
Commenting on the announcement, Adrian Przelozny, CEO and founder of Independent Reserve, said the announcement was an important endorsement of the company’s growth trajectory and vision, having first commenced trading in Australia in 2014.
“It is Independent Reserve’s vision to educate retail and institutional investors about cryptocurrencies but to also grow a sustainable business in a young and thriving industry,” Mr Przelozny said.
“Being recognised in the Australian Financial Review’s Fast Starters List for 2018 validates all the hard work and passion we have put in to create a trusted and regulated trading platform for cryptocurrencies in Australia.
“We are committed to building on this momentum to help drive further growth and reach greater heights in the years to come. Our success is made possible by the dedication to our customers and we will continue to deliver clients the best trading experience in Australia.”
Entrants to Fast Starters must have commenced trading on or after 1 July 2014, and provide at least two years of turnover data, with a minimum of $500,000 in the second-most-recent reporting period (2016-2017).
Founded in 2013, Independent Reserve has built a proprietary, institutional grade trading platform to allow Australians to buy, sell and invest in Bitcoin (XBT), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and other digital currencies.
It currently has over 100,000 customers across Australia and New Zealand, and services around 8,000 self-managed super funds (SMSFs).
The cryptocurrency exchange has also been working closely with various Australian regulatory bodies including AUSTRAC to formulate AML/CTF regulatory frameworks for the industry.
Australian finance industry heavyweights Mike Tilley (ex -CEO of Challenger Financial and Chairman of Latitude Financial), Martin Rogers (KTM Ventures) and Steve James (Seer Asset Management) are investors and board members of Independent Reserve.