The partnership will result in BTC Markets customers enjoying both money protection and real-time trading
Volt, an Australia-based neobank, and the cryptocurrency exchange BTC Markets (BTCM) have agreed to form a large partnership, Reuters reported.
“We are pleased to announce that we have partnered with neobank Volt to offer our customers more speed and stability.” BTC Markets tweeted on Monday.
The agreement between Volt and BTC Markets aims to a “World first”, Allows a regulated deposit provider to integrate with a cryptocurrency platform.
Difficulty getting the deal through reportedly slowed the partnership’s progress as the two firms were able to complete their project after mastering Australia’s stringent regulatory requirements for neobanks.
The strict regulatory environment also meant that BTC Markets had to demonstrate that it met the requirements of Know Your Customer (KYC) and Anti-Money Laundering (AML). Volt manager Andrew Clouston announced in a statement that the deal could only be carried out after the two companies had satisfied the regulatory authorities with these and other procedures.
Through the partnership, BTC Markets will access Volt’s Banking-as-a-Service platform and benefit from Neo-Bank’s integrated banking services. The 325,000 users of the crypto exchange will in future be informed of their transactions in real time and will have access to automatic payments, according to Reuters in the report.
BTC Markets customers will soon also be able to access real-time trading through their Volt accounts, with deposits made in these accounts being protected by the Financial Claims Scheme.
Volt received his banking license in 2019 and the move to partner BTCM enables him to expand his growth strategy by opening new bank accounts. BTC Markets, on the other hand, is a major Australian digital asset platform that was launched in 2013. The company, which has a user base of over 325,000 verified accounts, is also preparing for user growth as part of this partnership.