Fintech banking capabilities merge with cryptocurrencies in new partnership between Australian crypto exchange BTC markets and the neobank volt.
With a license to operate in Australia as a Institution receiving deposits approved since 2019, Volt will provide corporate financial management accounts to BTC Markets users to manage their Australian dollar funds. These accounts allow real-time payments in New payment platform, Australia’s national infrastructure for fast payments.
“This means almost instant trading opportunities for our cryptocurrency customers as they can quickly deposit AUD into their BTC Markets account.” Caroline Bowler, CEO of BTC Markets, told Cointelegraph, adding that in the future The partnership would also allow BTC Markets users to open Volt bank accounts without leaving the exchange:
“It brings stability to our customers and builds an important market infrastructure that is vital to the development of our industry. […] It also shows that innovation is alive and well within Australian financial services.
Regarding the regulatory approach in Australia, Bowler reiterated the need for proportionate regulation that protects the investor without stifling innovation. Added:
“I think our association with a regulated company here in Australia shows that it is possible. “
Volt co-founder Steve Weston, underscoring crypto users’ dissatisfaction with “the games banks play,” stated: “All deposits made on Volt accounts are covered by protection of up to A $ 250,000 (US $ 185,900) per account holder under the Financial Claims Plan.”
Despite the increasing adoption of cryptocurrencies, where 17% of Australians own cryptocurrencies according to a recent survey, regulators are warning against exchanging cryptocurrencies they have made traditional banks reluctant.