June 19 (Cointime) - Australian cryptocurrency exchange, Independent Reserve, has been granted a license to offer digital payment token services in Singapore as one of the country's Major Payment Institutions. Despite a 90% drop in monthly retail customer acquisition due to restrictions on public advertising by crypto exchanges, the firm plans to double its daily trade volumes and expand its user base by 50% in Singapore by the end of the year. The exchange has shifted its focus to institutional customers, including family offices and accredited investors, who make up about 90% of trading volume in Singapore. Independent Reserve is also considering opening an office in Hong Kong and other Southeast Asian jurisdictions.