Banxa Holdings Chairman Domenic Carosa: We’ve Generated US$500 Million Total Transaction Value in 2021

Banxa Chairman Domenic Carosa: We’ve Generated US$500 Million Total Transaction Value in 2021

"For the full year, we generated just under C$700 million of TTV, which translates to US$500 million, followed by revenue of C$46 million, which is about US$35 million," said Carosa. "And on an adjusted EBITDA, we generated US$1.7 million. We are really trying to take advantage of all the opportunities in the crypto space, whether it's bitcoin or ethereum, defi and non-fungible tokens."

Banxa's September TTV represents a 412 percent increase year-on-year, in which bitcoin and stablecoins (USDC/USDT) both saw the most significant volume growth — in line with market demand. In the same month, Banxa's local payments were proven to be trusted more than credit cards, as shown via high growth in local payment methods like bank transfers, Interac and SEPA Instant.

According to Carosa, the company has been adding more B2B customers, more coins and more payment methods in the last 12 months.

"We just feel we're really at the start of this whole journey. Crypto is only starting to become much more popular and acceptable these days. We're starting to see big corporations making headway into this space. And that's great for the industry because it just increases the prevalence of digital assets around the world."

Banxa enables its end users to buy and sell through its platform with the recent launch of a sell function in euros, British pounds and Australian dollars. The service has already launched for bitcoin, and other currencies will follow in the coming months. Through these functions, end users can convert funds back into fiat currency using partner networks.

"A part of our secret is that we provide payments as well as compliance, because we all know that this industry is growing. The rules and the regulations are getting tougher, and as they become tougher, it's actually music to our ears, because it solidifies the business model to effectively create the transition from the field world into the digital asset world."

Watch the full interview of Banxa Holdings Chairman Domenic Carosa above.

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