In a new Fintech and cryptocurrency partnership, BTC Markets have partnered with neo-bank Volt. The partnership seeks to allow BTC Markets users to open Volt bank accounts without leaving the exchange.
Australian crypto exchange BTC Markets partners with local neo-bank Volt, fintech’s banking capabilities have met cryptocurrency through this partnership.
Volt will provide corporate cash management accounts for BTC Markets users to manage their Australian dollar funds. Volt has been licensed to operate as an approved deposit-taking institution in Australia since 2019.
These accounts enable real-time payments on Australia’s national fast-payments infrastructure, the New Payments Platform.
“For our crypto clients, this means near-instant trading opportunities, as they can quickly fund AUD into their BTC Markets account,” BTC Markets CEO Caroline Bowler , adding that in the future, the partnership will allow BTC Markets users to open Volt bank accounts without leaving the exchange:
“It gives stability to our clients and builds out a key piece of market infrastructure which is vital to our industry development. […] It also goes to show that innovation is alive and well within Australian financial services.”
Bowler, speaking about Australia’s regulatory strategy, emphasized the importance of proportionate regulation that protects investors without impeding innovation.
“I believe our collaboration with a regulated organization in Australia demonstrates that it is possible,” she continued.
“The sum of all deposits in Volt accounts are covered by the protection of up to a maximum of A$250,000 (US$185,900) per account holder under the Financial Claims Scheme,” Volt co-founder Steve Weston noted, highlighting crypto users’ dissatisfaction with “the games being played by banks.”
Despite the increasing use of crypto, according to a recent survey, 17 percent of Australians possess crypto, regulators’ warnings on crypto exchanges have led to a cautious attitude by traditional banks.