September 19, 2021
Markets

Australian neo-bank Volt partners with crypto exchange BTC Markets

Sept 6 (Reuters) – Australian neo-bank Volt said on Monday it had partnered with BTC Markets (BTCM) to provide integrated banking capabilities to the crypto-currency exchange, a first-of-its-kind deal in the country.

Neo-banks rely on digital technologies to break into the banking market with low-cost offers and have been licensed in Australia in recent years to improve competition as the “Big Four” lenders dominate nearly 80% of the market.

The Volt-BTCM partnership comes at a time of a marked shift towards online banking and payment, and which effectively led to the growth of neo-banks and other alternate financial platforms.

The deal will provide BTCM, which has around 325,000 Australian customers, access to a corporate cash management account with real-time notifications and payment automation, the companies said.

BTCM will invite its customers to open Volt bank accounts in the…

Read full article here: www.reuters.com