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Australian digital bank Volt inks deal with BTC Markets

By Aaron Woolner

05:19, 7 September 2021

Laptop with Australian flag on the screen
Laptop with Australian flag on the screen - Photo: Shutterstock

Australian digital bank Volt has inked a deal with BTC Markets to provide banking services to the crypto exchange, that will see digital asset users covered by the country’s bank deposit scheme. 

Volt is a licensed authorised deposit-taking institution and plans to integrate its bank accounts with crypto exchange BTC Markets platform.

This means Australian crypto exchange users will have access to insurance under Australia’s AUD250,000 (USD185,487.50) per customer Financial Claims Scheme.

Increasing scrutiny on digital exchanges

In a tweet, BTC Markets said partnership with Volt would “bring greater speed and stability to our customers”.

US100

20,800.30 Price
+0.440% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 7.0

ETH/USD

3,354.02 Price
-1.880% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

Gold

2,716.45 Price
+1.740% 1D Chg, %
Long position overnight fee -0.0174%
Short position overnight fee 0.0092%
Overnight fee time 22:00 (UTC)
Spread 0.60

XRP/USD

1.39 Price
-6.410% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

According to the company, this is a first-of-its-kind deal in the country as deposits in Volt accounts are insured up to AUD250,000 per customer under Australia’s Financial Claims Scheme.

The move comes a month after crypto exchanges in Australia asked an Australian parliamentary committee to recommend legislation to protect investors and require minimum operating standards for exchanges, as the sector gears up for greater regulatory scrutiny. 

First bank licence in nearly two decades

Volt was launched in 2019 and is the first retail bank to gain a licence in Australia since the early 2000s. 

Read more: Suncorp to launch buy now pay later services from November

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