Integrated banking services are very much on the cards for fintech companies. Bitcoin exchanges see an opportunity in the negligence of traditional banks towards the cryptocurrency ecosystem. However, the recent strategic partnership between Australian crypto exchange BTC Markets and local neobank Volt opened up new opportunities for the fintech companies. Crypto exchanges can now have the access to the integrated Banking features.
As an authorized institution, Volt will now help the users of Bitcoin Markets to manage their funds. Volt will provide the users with cash management accounts exclusively designed for the BTC transactions.
This means customers will now have near-instant trading opportunities. They can directly bring their Australian dollar funds into their BTC Market accounts. This cross-sectional joint venture would revolutionize the Australian crypto culture. Caroline Bowler, CEO of BTC Markets, said that the current strategic partnership will provide customers with the opportunity to open a Volt Bank account without leaving the stock market. Now users can invest in both Stocks and the crypto market by using one account. Bowler also said that “The current strategic venture provides our customers with much-needed stability and improves market infrastructure, which is extremely crucial for the development of the crypto world.”
She also stretched her statement to discuss the ever-growing innovation involved in the Australian financial sector. Bowler also discussed the regulatory approach of the country by saying that the Australian crypto sector needs the regulatory steps to improve consumer protection without narrowing the space for innovation. “In my opinion, the current strategic partnership between Bitcoin Markets and Volt Bank shows that it’s possible to protect the consumer and encourage innovation at the same time.”
Lack of interest from the banking sector was one of the biggest concerns of the crypto market in Australia. Moreover, Bankers on the other hand were bound to follow the State’s rules and regulations. So, banking involvement in the crypto market was one of the biggest headaches for both industries.
Volt co-founder Steve Weston supported the disappointment of crypto investors regarding the banking approach towards the crypto market in Australia. He further added, “The total amount deposited into volt accounts are covered and protected up to a maximum of 250,000 AUD.” However, in the future, the upper limit might be set a bit higher than that.
Despite the worldwide popularity of crypto adoption, only 17% of Australians own crypto-related assets. One of the biggest reasons that people have adopted a careful approach towards owning crypto in Australia is strict regulations and regulatory warnings. On the other Australian financial experts do believe that crypto is a modern-day shadow bank. But the recent joint venture between Bitcoin Markets and Volt Bank would help the crypto market to attract a greater audience.