Fintech firms perceive an opportunity in traditional banks’ apathy and hesitancy toward the cryptocurrency ecosystem. A new partnership between Australian crypto exchange BTC Markets and local neo-bank Volt has brought fintech banking features to cryptocurrencies.
Volt, licensed to operate as an authorized deposit-taking institution in Australia since 2019, will provide corporate cash management accounts for BTC Markets users to manage their Australian dollar holdings. These accounts enable real-time payments on Australia’s national rapid payments infrastructure, the New Payments Platform. According to Volt co-founder Steve Weston, the total of all deposits in Volt accounts are protected by the Financial Claims Scheme. Up to a limit of $250,000 ($185,900) per account holder. Showcasing crypto users’ dissatisfaction with “banks’ games.”
Despite the growing popularity of cryptocurrency, with 17 percent of Australians owning it, according to a recent study, authorities’ warnings about crypto exchanges have led to a cautious attitude by traditional banks.
The Volt-BTCM partnership
The Volt-BTCM collaboration comes when there is a significant movement toward online banking and payment, which has resulted in the emergence of neo-banks and other alternative financial platforms.
The arrangement, according to the companies, will provide BTCM. That has over 325,000 Australian customers, with access to a corporate cash management account with real-time notifications and payment automation. According to BTCM, clients will invite to open Volt bank accounts for real-time trading. in the following months
The corporations also state that the total deposits in Volt accounts have protection from the Financial Claims Scheme. Up to a limit of A$250,000 ($185,900) per account holder.
Earlier this year, Australia’s banking authority established stiffer standards for companies seeking banking licenses and heightened examination of new market entries, raising worries about “neo-banks.”
Bitvolt’s current price is $0.000525, with a 24-hour trading volume not provided.
Lastly, Bitvolt has increased by 1.18 percent in the previous 24 hours. CoinMarketCap currently ranks #2605, with a live market cap of $8,702.65. The circulating supply is 16,588,056 VOLT coins, and the maximum store is not known.