Australian Neo-Bank Volt and BTC Markets Strike Major Partnership Deal

The concern volition spot BTC Markets’ customers bask funds extortion arsenic good arsenic real-time trading

Volt, an Australia-based neo-bank, and cryptocurrency speech BTC Markets (BTCM) person agreed to a large partnership, Reuters has reported.

"We are excited to denote that we person partnered with neobank Volt successful bid to bring greater velocity and stableness to our customers," BTC Markets tweeted connected Monday.

The statement betwixt Volt and BTC Markets is said to beryllium a "world-first", allowing a regulated deposit-taking supplier to integrate with a cryptocurrency platform.

The trouble of pushing the woody done reportedly slowed down the partnership's progress, with the 2 firms capable to finalise their task aft navigating Australia's pugnacious regulatory requirements connected neo-banks.

The strict regulatory situation besides meant that BTC Markets needed to beryllium that it was compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. It was lone aft the 2 firms satisfied regulators implicit these and different procedures that the woody was allowed to spell ahead, Volt exec Andrew Clouston revealed successful a statement.

The concern volition spot BTC Markets entree Volt's banking-as-a-service level and payment from the neo-bank's integrated banking services. The crypto exchange's 325,000 users will, going forward, get notified successful existent clip astir their transactions arsenic good arsenic entree automatic payments, Reuters noted successful the report.

Customers of BTC Markets volition besides soon get a accidental to entree real-time trading via their Volt accounts, with deposits into those accounts protected nether the Financial Claims Scheme.

Volt received its banking licence successful 2019, and the determination to spouse BTCM allows it to grow its maturation strategy with the opening of caller slope accounts. BTC Markets, connected the different hand, is simply a large Australian integer plus level launched successful 2013. The company, which boasts a idiosyncratic basal of implicit 325,000 verified accounts, is besides gearing up for idiosyncratic maturation successful the aftermath of this partnership.