How to buy Loopring in Australia
The best cryptocurrency exchange for Australians to buy Loopring (LRC) token is Binance. With Binance, you can buy Loopring (LRC) tokens with PayID/Osko, credit card or direct deposit. Each step of the way is easy and secure. The following is a step by step guide on how to sign up and make your purchase.
- Sign up to Binance
- Deposit Australian Dollars (AUD) from any Australian bank account
- Go to the Wallet Button in the menu and click "Fiat and Spot"
- Search for Loopring token.
- Input the amount of AUD you want to buy and execute the trade.
What is Loopring?
Founded in 2017, Loopring is a layer 2 protocol that was built for the Ethereum network originally to help its biggest issue which is scalability. If you are familiar with using Ethereum you would have come across the insane gas price issues, specifically with protocols like Uniswap.
Now what layer 2 means in terms of looping is essentially that Loopring will take the transactions off chain on their own blockchain, roll up the transactions into one nice transaction and push that up to ethereum. This will reduce the space that is needed to put on Ethereum which will reduce the amount of gas that is needed to pay for these transactions.
(To understand more how rollups work please check out our “What are Rollups” page)
The Main focus of Loopring as a layer 2 is to create a modular protocol for anyone to come in and create their own decentralised exchange on top of Loopring. This will provide a unique experience that’s similar to Robinhood, Vanguard or any other exchange. However, doing this at a low cost and in a decentralised manner.
Source: Crypto Buy Guides