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RaaS Advisory for issued an “Initiation of Coverage” for BANXA Holdings (TSXV:BNXA), an Australia-based payment service provider (PSP) focused on closing the gap between bulky traditional financial systems, regulation and digital asset platforms.
In the advisory, RaaS enumerated reasons why, “In our view, Banxa Holdings has the opportunity to achieve success”. The top 3 reasons mentioned were a demonstrated track record of profitability and revenue generation, a scalable business model, and, ” an established footprint as a digital currency exchange in Australia.”
Read the in-depth review on BANXA Holdings by downloading the report here.
Banxa Holdings
Banxa Holdings (TSXV:BNXA) is an Australia-based payment service provider (PSP) focused on closing the gap between bulky traditional financial systems, regulation and digital asset platforms. Built from a global team of legal, tech and crypto experts, Banxa aims to become one of the leading payments companies in the digital currency space.
Banxa Founder and Chariman Domenic Carosa shared that the company’s TSX Venture Exchange listing has made, “Banxa the first crypto payment service provider to be listed in the world, bringing well-needed transparency and governance to the crypto sector.”
In August 2020, Bitcoin’s price rose to prices hovering US$11,775, and in the last four years, the digital currency has seen unprecedented growth from US$9 billion to US$217.9 billion. In late 2020 and early 2021, Bitcoin experienced a spike that ultimately reached heights above US$50,000, its highest price ever. Many attribute the appeal of Bitcoin to its sovereign nature and non-fiat currency status.
As it is not stored in banks, Bitcoin escapes many of the sore spots of traditional banking, which is an attribute that Banxa hopes will pull more everyday people towards digital currency. In order to make digital currency even more appealing, the issue that Banxa seeks to solve is providing a more secure payment infrastructure that minimizes fraud and chargebacks, one of the most prominent issues in the industry. The company intends to facilitate this shift by building a fully compliant payment system that enables easy and secure conversion of fiat currency to digital currency. This provides a safe, simple way for both new market entrants and existing digital asset holders to quickly convert cash into digital assets.
As a prospective infrastructure provider, Banxa’s first mover advantage could prime the company for ideal positioning as the digital asset space becomes more mainstream. Another benefit is that the company is not affected by fluctuations in price for Bitcoin.
Banxa is partnered with almost 100 crypto exchanges, each of which has a pre-existing user base of up to 50,000 users, providing the company with exponential growth potential in its own user base.
An essential aspect of Banxa’s current operations is actively seeking regulation. They are working to engage with boards and organizations in building more stable regulatory systems to be implemented in the digital asset space on a global scale. Laying down these foundations now means more security for users accessing their digital assets in the future. Currently the company is registered in both the Netherlands , where it was one of the first wave of companies to meet the new regulations, and Australia, where the company is headquartered, as well as being listed in Canada.
Banxa Holdings has a world-class team of crypto, financial and legal experts. With years of combined experience in the digital asset and PSP space and an approximate market cap of C$40.7 million, the company is primed for success and significant economic growth with an upward trend in cryptocurrency popularity.
Banxa Holdings’ Company Highlights
- Banxa Holdings is an Australia-based payment service provider (PSP) founded in 2014. The company focuses on operating its fully compliant fiat-to-digital currency infrastructure and aiding the transition to more user-friendly digital asset platforms.
- Banxa is working towards becoming a formally regulated transparent financial services provider. The company is leading the way for increased regulation for digital asset markets globally.
- There are currently approximately 75 million cryptocurrency wallets in the world. This should increase as the cryptocurrency market becomes more widely accepted and accessible.
- Banxa’s flagship platform is its Plug-and-Play Fiat Onramp, which allows seamless conversion of fiat-digital currency and simple integration for end-users through the iFrame widget or Banxa’s JSON API.
- The company is leveraging the expanding cryptocurrency market without being exposed to the volatility in the crypto market.
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Providing Payment Services For the Growing Digital Asset Space