Australian digital bank Volt inks deal with BTC Markets
05:19, 7 September 2021
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”.
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.
We are excited to announce that we have partnered with neobank Volt in order to bring greater speed and stability to our customers. Read more below. https://t.co/rnNp3r1anz @voltbank @FinancialReview #crypto #finance #fintech
— BTC Markets (@BTCMarkets) September 5, 2021
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.