The banking capabilities of fintech have met cryptocurrencies in a new partnership between Australian crypto exchange BTC Markets and local neobank Volt.

With a license to operate in Australia as an authorized deposit-taking institution since 2022, Volt will provide corporate cash management accounts for BTC Markets users to manage their Australian dollar funds. Those accounts allow real-time payments on the New Payments Platform, Australia'southward national infrastructure for fast payments.

"This means near-instant trading opportunities for our crypto clients, as they can rapidly fund AUD into their BTC Markets account," BTC Markets CEO Caroline Bowler told Cointelegraph, adding that in the time to come, the partnership would also permit BTC Markets users to open up Volt bank accounts without leaving the exchange:

"It gives stability to our clients and builds out a key piece of market infrastructure, which is vital to our manufacture development. [...] Information technology besides goes to testify that innovation is alive and well within Australian fiscal services."

Speaking on the regulatory approach in Australia, Bowler reiterated the need for proportionate regulation that protects the investor without stifling innovation. "I think our partnership with a regulated entity here in Australia goes to show information technology is possible," she added.

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Highlighting the displeasure of crypto users regarding "the games beingness played by banks," Volt co-founder Steve Weston explained, "The total of all deposits in Volt accounts are covered by the protection of up to a maximum of $250,000 AUD ($185,900) per account holder nether the Financial Claims Scheme."

Despite the increasing adoption of crypto, where 17% of Australians own crypto according to a recent survey, regulators' warnings on crypto exchanges have lead to a reluctant arroyo by traditional banks.