Australian neobank Volt is integrating its bank accounts with the BTC Markets cryptocurrency exchange. Customers will be offered automatic payments and real-time notifications.
Volt has become a partner of the BTC Markets cryptocurrency exchange. It took Volt and BTC Markets more than 18 months to negotiate a deal that would meet the requirements of the Australian Prudential Regulatory Authority. The situation was aggravated by the imperfection of Australian legislation regarding the regulation of cryptoassets, and, almost complete neglect on the part of traditional banking institutions.
BTC Markets CEO Caroline Bowler expressed regret that Australian banks are reluctant to provide services to cryptocurrency companies for fear of the risks of money laundering and terrorist financing.
The exact opposite is Volt, which is digitally focused, providing back-end banking for new digital products and startups. Volt’s financial strategy is “banking as a service,” in which the bank leases its banking license to cryptocurrency companies. BTC Markets will become the face of the bank, serving its clients based on the banking license and Volt infrastructure.
“Cryptocurrencies are not the most controversial area of banking, and their influence is growing. The crypto community is unhappy with the indifference of banks, which makes life difficult for everyone, ”said Steve Weston, CEO of Volt.
Under the current banking license, Volt is not authorized to work with digital assets, but will open and maintain bank accounts in Australian dollars. The bank’s goal is to attract customer deposits, as well as expand the customer base with startups seeking to embed Volt financial services into their applications.
In fairness, it cannot be said that the Australian government or regulators are completely ignorant of the crypto industry. More than a year ago, Australia adopted a five-year plan to develop the blockchain in the country, and in August 2021, the customs authorities of Australia and Singapore tested the blockchain-based communication system.
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