Through this partnership, BTC Markets clients will benefit from protection of their funds and real-time trading.
Volt, an Australian-based neobank, and cryptocurrency exchange platform BTC Markets (BTCM) have struck a major partnership, reported Reuters.
“We are pleased to announce that we have entered into a partnership with the Volt neobank to bring more speed and stability to our customers “, tweeted BTC Markets Monday.
The agreement between Volt and BTC Markets would be a “world premiere”, allowing a regulated deposit provider to integrate with a cryptocurrency platform.
The difficulty of getting the deal through would have slowed the progress of the partnership, as the two companies were able to finalize their project after navigating between Australia’s strict regulatory requirements on neo-banks.
The strict regulatory environment also meant that BTC Markets had to prove that it met the knowledge of the customer (KYC) and anti-money laundering (AML) requirements. Only after the two companies satisfied regulators on these and other procedures, was the deal allowed to go ahead, Volt chief executive Andrew Clouston revealed in a statement.
Through this partnership, BTC Markets will be able to access Volt’s online banking platform and benefit from neobank’s integrated banking services. The 325,000 users of the cryptocurrency exchange platform will, in the future, be informed in real time about their transactions and will have access to automatic payments, says Reuters in its report.
BTC Markets customers will also soon have the ability to access real-time trading through their Volt accounts, with deposits on these accounts being protected by the Financial Claims Scheme.
Volt received its banking license in 2019, and partnering with BTCM allows it to develop its growth strategy with the opening of new bank accounts. BTC Markets, meanwhile, is a leading Australian digital asset platform launched in 2013. The company, which can boast a user base of more than 325,000 verified accounts, is also preparing for user growth in the wake of this partnership.