As the mainstream media reports the ‘death of Bitcoin,’ something significant is happening in Sydney, Australia.

Independent Reserve, Australia’s largest cryptocurrency exchange, has announced the launch of a Blockchain Innovation Hub in the harbour city.

Known as ‘IR ventures,’ the 280 square metre site will be home to the likes of the Australian Digital Commerce Association, and social enterprise blockchain company Genereos.

Adrian Przelozny, CEO of Independent Reserve, said the launch demonstrated his company’s commitment to helping nurture the next wave of blockchain startups in Australia.

“When we founded Independent Reserve in 2013, the blockchain ecosystem in Australia was non-existent,” Mr Przelozny said.

“We knew something had to change. We had a vision of helping accelerate blockchain innovation in Australia.”

Mr Przelozny said the company began by building one of Australia’s first digital currency exchanges but ultimately hopes to inspire blockchain innovators to bring the technology into the mainstream.

“IR Ventures extends on that vision and our commitment of working towards one common goal: developing our local blockchain ecosystem and strengthening Sydney’s credentials as a regional hub for blockchain innovation,” he said.

“The goal of IR Ventures is to create a community and a supportive environment for driven teams to benefit from each other and Independent Reserve’s learnings, capital, partners and exchange.”

Independent Reserve says that interested parties will be able to apply to become a member of IR Ventures.

The team will identify, invest in and support up to 24 Australian companies in early commercialisation stages as part of its selection process.

Independent Reserve director and KTM Ventures Innovation Fund chief investment officer Martin Rogers said more needs to be done to help encourage Australia’s gifted and talented blockchain entrepreneurs and help them grow.

“Every now and again you get to work with an amazing company and this is Independent Reserve,” Mr Rogers said.

“IR Ventures is the next leg of the journey allowing for the iterative breed of start-ups to join on the success of Independent Reserve.

“We are honoured at KTM Ventures to be part of the journey and look forward to the next implementations of innovation.”

The announcement comes less than a week after Independent Reserve partnered with KPMG to launch Australia’s first Crypto Tax Estimator, a new tool to help the traders of cryptocurrencies better understand their tax liabilities.

Independent Reserve recently became the first ever cryptocurrency exchange to make the annual Fast Starters List, published by the Australian Financial Review. Read more here.