Through the partnership, BTC Markets customers will benefit from fund protection and real-time trading.
Volt, an Australian-based neobank, and crypto-currency exchange platform BTC Markets (BTCM) have entered into a major partnership, Reuters reported.
“We are pleased to announce that we have partnered with neobank Volt to bring more speed and stability to our customers,” BTC Markets tweeted on Monday.
The agreement between Volt and BTC Markets would be a “world first, “ allowing a regulated deposit provider to integrate with a crypto-currency platform.
The difficulty of getting the deal through reportedly slowed the progress of the partnership, with both companies able to finalize their project after navigating Australia’s strict regulatory requirements on neo-banks.
The strict regulatory environment also meant that BTC Markets had to prove compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Only after both companies satisfied regulators on these and other procedures was the deal allowed to move forward, Volt CEO Andrew Clouston revealed in a statement.
Through the partnership, BTC Markets will be able to access Volt’s online banking platform and benefit from the neobank’s integrated banking services. The 325,000 users of the crypto-currency trading platform will, in the future, be notified in real time of their transactions and have access to automatic payments, Reuters said in its report.
BTC Markets customers will also soon be able to access real-time trading via their Volt accounts, with deposits to these accounts protected by the Financial Claims Scheme.
Volt received its banking license in 2019, and partnering with BTCM allows it to expand 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 boasts a user base of over 325,000 verified accounts, is also gearing up for user growth in the wake of the partnership.