Independent Reserve Aims for 50% Growth With Hong Kong Office

1. Trusted Bitcoin and crypto exchange is set to open a Hong Kong office soon.
2. The Australian exchange aims to boost its user base growth by 50%.
3. The entity’s Singapore CEO shares their plan in a detailed interview.

The trusted Bitcoin and crypto Australian exchange, Independent Reserve looks at expansion. In particular, the entity is hoping to have a new office in Hong Kong within the next few months.

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Specifically, the exchange’s Singapore CEO, Lasanka Perera, makes the reveal in an exclusive interview. Here, he shares the exchange’s focus on institutional clients and aims to double trade volumes and expand the user base this year.

As one of Singapore’s eleven Major Payment Institutions, Independent Reserve holds a license to provide digital payment token services in the country. The exchange intends to extend its presence to Hong Kong and explore other jurisdictions in Southeast Asia. In the interview with Forkast’s Pradipta Mukherjee, Perera discusses the challenges of operating as a crypto exchange in Singapore. 

While the Monetary Authority of Singapore (MAS) discourages retail trading and prohibits public advertising by crypto exchanges, Independent Reserve has adapted its strategy to target institutional customers, including family offices and accredited investors. Perera mentions that the advertising restriction has significantly affected customer acquisition but praises MAS for setting a robust regulatory framework.

Adding on, Perera highlights Hong Kong’s status as a thriving financial hub with deep capital markets, acting as a gateway to Greater China. Singapore, on the other hand, attracts investors focused on capital preservation and asset protection. Perera also discusses the potential of the Dubai market, citing access to the European market and stable banking as key opportunities for crypto exchanges.

Regarding expansion plans, Independent Reserve is actively hiring institutional salespeople and Mandarin speakers in Singapore and Australia. With around 70 employees currently, the exchange aims to hire five to ten more in the next few months across compliance, sales, and development.

The restriction on retail crypto trading in Singapore has significantly impacted Independent Reserve’s business. Monthly customer acquisitions of retail customers dropped by 90% after the ban on public advertising. However, the exchange has successfully grown its business among family offices, Web3 payment segments, and the wealth management sector. Institutional customers, though a smaller percentage, contribute significantly to the trading volume.

Perera discloses the targets for this year, aiming to more than double daily trade volumes in Singapore, currently at $20 million to $30 million, driven by institutional traders and Web3 firms. Additionally, Independent Reserve plans to achieve a 50% growth in the user base.

Discussing the regulatory landscape in the United States, Perera expresses concerns about the country’s approach to digital assets. He mentions that businesses and innovators may seek opportunities offshore, resulting in job losses and limited access to reliable crypto platforms for U.S. customers.

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