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Banxa expands globally with local entities established in Brazil, Turkey, the UK and the USA.
Local payments in Brazil has gone live with PIX instant bank payments
Adds first to market Hedera blockchain support for USDC stablecoin
TORONTO, ON and MELBOURNE, AUSTRALIA / ACCESSWIRE / May 5, 2022 / BANXA Holdings Inc. (TSXV:BNXA)(OTCQX:BNXAF)(FSE:AC00) ("Banxa" or "The Company") the world's first listed payment service provider (PSP) and RegTech platform for the digital assets industry, continues its rapid global expansion, announcing key milestones reached to set up new local and/or cross border payment processing in Brazil and the broader LATAM market as well as the setup of local entities in Turkey the UK, and the USA. Banxa is also actively exploring the setup of operations in Luxembourg and India. The company is also announcing a first-to-market Web3 partnership with the enterprise blockchain Hedera, further cementing its commitment to creating more local on- and off-ramping infrastructure for people around the world.
With an infrastructure that allows for higher fiat to crypto conversions than other providers in the market, Banxa's will now be able to offer end consumers even more local payment options beyond credit cards and includes instant bank transfers. Banxa is focused on growing these local entities over the coming months as well as acquisition of relevant licenses where required.
The next phase of Banxa's global expansion plan will be to turn on local payments in each of these markets. The first of these has been in Brazil with the launch of PIX - the instant payment system provided by the Brazilian Central Bank. This now gives Banxa's global partner network access to millions more end customers with trusted local payment options. In emerging markets where credit card adoption is very low, Banxa's in market offering gives partners the ability to on-and off-ramp more customers with conversion rates up to three times higher than credit card only solutions. This is seen as critical for gaining mass adoption of crypto in developing markets like Brazil, Turkey and India.
Banxa CEO Holger Arians said "Banxa is committed to entering the most markets with local operations, giving our partners the ability to serve millions of consumers with the best fiat to crypto purchasing experience globally. We know that consumers demand a trusted payment solution when purchasing crypto, and I'm excited about Banxa providing a world class local payment solution."
In addition to its rapid geographic expansion, Banxa has become the first retail platform globally to support USDC on Hedera. Managed by industry leaders Circle and Coinbase, USDC is the $US pegged stablecoin that since 2018 has brought US dollars onto the blockchain allowing more consumers and businesses to rapidly transact crypto payments globally, bringing a level of stability to the emerging market. The Hedera network is one of the leading enterprise-grade public ledgers for the decentralized economy with several leading global organizations making up the governing body.
This partnership positions Banxa as one of the leading infrastructure players in the Web3 ecosystem, opening up the potential for key on- and off-ramp partnerships within the enterprise space and Hedera's blossoming retail Web3 environment.
Banxa CEO Holger Arians said, "The Web3 ecosystem is only in its infancy, with significant opportunities for businesses and individuals worldwide. Banxa is thrilled to be the first fiat to crypto on- and off-ramp to support USDC on Hedera. Working with a leading enterprise-grade public ledger for the decentralized economy, we can continue to support the crypto ecosystem's expansion and the opportunities this brings."
HBAR Foundation's CEO Shayne Higdon said, "The HBAR Foundation is pleased to announce that Banxa, the global fiat on-ramp, was the first company to support USDC on Hedera. The recent support will enhance Hedera's already booming Web3 environment by opening up the Hedera ecosystem's access to Web3. The collaboration with Banxa will attract more retail and institutional consumers to the Hedera Network due to secure, convenient, and fast transactions. In addition, Banxa's payment infrastructure will play an important role in expanding Hedera's enterprise-first approach."
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "DOMENIC CAROSA" https://twitter.com/dcarosa
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
BANXA Holdings Inc. (TSX-V: BNXA) (OTCQX: BNXAF) (FSE: AC00)
Banxa powers the world's largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. Banxa's mission and vision are to build the bridge that provides people in every part of the world access to a fairer and more equitable financial system. Banxa is headquartered in Melbourne, Australia, with European headquarters in Amsterdam, the Netherlands.
For further information go to www.banxa.com
SOURCE: BANXA Holdings Inc.
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