Banxa Records 71% YOY Increase for March Quarter 2022

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Banxa Holdings Inc. (TSXV:BNXA)(OTCQX:BNXAF)(FSE:AC00) ("Banxa" or the "Company") is pleased to announce that all matters submitted to shareholders for approval as set out in detail in the Company's management information circular ("Circular") dated February 16, 2022 were approved at the annual general and special meeting of the shareholders of the Company held on March 31, 2022 (the "Meeting"). At the Meeting RSM Canada LLP was re-appointed as auditor of the Company, and the incumbent members of the board of directors, being Doron Cohen, Domenic Carosa, Matthew Cain and Joshua Landau were re-elected

In addition to the above, disinterested shareholders of the Company voted in favour of making certain amendments to the escrow agreement dated September 27, 2018 (the "Escrow Agreement") among the Company (formerly as A-Labs Capital I Corp.), TSX Trust Company and certain shareholders of the Company, to align the Escrow Agreement with changes made to the TSX Venture Exchange ("TSXV" or the "Exchange") Policy 2.4 - Capital Pool Companies, which became effective as at January 1, 2021 (the "New CPC Policy").

Highlights:

• February 2022 Total Transaction Volume (TTV) of AUD $106 million (USD $76 million) up 48% Year-on-Year
• Five new partners signed in February, including TokenPocket, ApolloX, IDEX, Sologenic and IX Swap
• Added two new fiat currencies in February, now supporting a total of 32
• Secured Netherlands cryptocurreny custody registration from the Dutch National Bank (DnB)

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, has today announced its February 2022 TTV, recording AUD $106 million (USD $76 million), and growth of 48% Year-on-Year. The TTV is broadly in line with the decline in volumes of the overall cryptocurrency market

Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa" or "The Company"), payment service provider (PSP) and RegTech platform for the digital assets industry, is proud to announce the launch of its world-leading Layer 2 (L2) Fiat On-Ramp.

While the cryptocurrency market has significantly grown, heavy fees and complex purchasing systems have weighed upon the industry providing unnecessary complexities and barriers to entry. The Australian-founded organisation, Banxa, has developed purchasing for a range of L2 protocols - available now - to eliminate these barriers. These protocols currently include Arbitrum, Optimism, and zkSync, allowing users to pay with Banxa's wide range of global and local payment options, including credit card and bank transfers, for direct purchasing on L2.

The L2 Fiat On-Ramp will completely disrupt the current system by removing high "gas fees" accumulated throughout the crypto transaction process. At the same time, it will also be a catalyst to reducing fulfillment times, an issue faced within an industry that prides itself on agility and fast transactions. In 2021, Banxa processed one order every 18 seconds a day, a transaction value over USD 880 million, showcasing the true scale of transactions moving through the market.

"The crypto industry faces a complex web of challenges and barriers that might have discouraged consumers and merchants from making purchases in the past. The launch of our L2 Fiat On-Ramp offers greater accessibility to a whole new audience, breaking down two key entry barriers: high fees and faster processing times. We are honored to be launching this world-leading product as a way to transform the industry," said Banxa CEO Holger Arians.

Banxa is a pioneer in cryptocurrency as it has created its own technology on blockchain and is rapidly expanding. The business offers a market-leading range of currencies and payment methods globally.

Since its January 6th, 2021 IPO, Banxa has gone from strength to strength, growing from 38 to over 200 team members, adding over 31 new coins and additional payment methods, such as SEPA Instant and others. Additionally, the company has accelerated its already rapid onboarding of new partners, securing 103% growth in 2021 alone.

In celebration of this launch, Banxa is offering free purchasing Layer 2 with Optimism, Arbitrum and zkSync for a limited time^[2]. User's spread fees will be waived; however, standard payment surcharges will apply, such as credit card transaction fees. This offer is now available to all users on these protocols.

ENDS

About Banxa

Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) powers the world's largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. Banxa's vision and mission is 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

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies.

These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance.

Banxa's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of Banxa's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties of the Company's business, including: Banxa's assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions, including risks related to COVID-19 and risks that future results may vary from historical results.

Except as required by securities law, Banxa does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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ON BEHALF OF THE BOARD OF DIRECTORS
Per: "DOMENIC CAROSA" https://twitter.com/dcarosa
Domenic Carosa
Chairman (1-888-218-6863)

CONTACTS:
Investor Relations:
North America: +1 (604) 609 6169
International: +61 407 790 016
Email: Investor@banxa.com

Lytham Partners, LLC
Ben Shamsian
New York/Phoenix
Email: shamsian@lythampartners.com

Media Contacts:
Dave Malcolm, Chief Marketing Officer
Email: dave.malcolm@banxa.com

Michelle Boland, PR Group
Email: michelleb@prgroup.com.au

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, is excited to announce a partnership with Ledger, the world-leading hardware wallet provider.

Customers will now be able to access Banxa's global payments network through the Ledger Live app, opening up a wide variety of payment options for purchasing crypto on their Ledger Nano hardware wallets. Banxa supports competitive payment options for users in the US, Canada, Europe and the Australian markets, with direct bank transfers and credit card transactions.