Aussie fintech Volt Bank to shut down; crypto exchange partner BTC Markets materially unaffected
Australia Volt Bank
Modified Date:- Published Date:-Categories: Cryptocurrency
Aussie fintech Volt Bank to shut down; crypto exchange partner BTC Markets materially unaffected
Australian digital neobank Volt Bank, which has been partnered with Melbourne-based crypto exchange BTC Markets, has announced its closing down after unsuccessful efforts to raise an extra $200m in capital. Neobanks, if you didnt know, are banking institutions that operate exclusively online with no physical branches.
Volt, which was the first online bank to receive an Australian banking license, released a statement on Tuesday revealing that it would close shop, refund deposits, and withdraw its deposits after failing to raise enough funds to support the business. Will sell the mortgage book. Volt Bank Limited (Volt) is winding down its deposit-taking business and intends to return its banking licence, the statement reads.
Volt has made the difficult decision to close its deposit taking business and has started the process of refunding all deposits to its account holders... It is recommended that all customers stop using their accounts immediately. The digital bank specified that its customers must withdraw their funds from VoLTE Bank accounts before 5 July 2022.
Australia’s largest banking license holder, VoLTE Bank has announced its bank accounts are now available exclusively on Bitcoin’s infrastructure. The bank account service is also free for customers to use, thanks to the Australian government's efforts to support local industry players.