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Highlights
- Banxa can now provide fast, secure, sell functionality through its partner integrations in EURO, GBP and AUD
- Allows end users of Banxa's partner network to move freely in and out of cryptocurrency
- The company will roll out this compliant "Sell" function in more markets and digital assets in the near future
- Opens a new market opportunity, a significant expansion of the company's product line
Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa" or "The Company"), the world's fastest-growing, public payment service provider (PSP) and Reg-Tech platform for the digital assets industry, is pleased to announce the launch of a sell function in EURO, GBP and AUD for end users. This will enable Banxa's users not only to buy digital assets ("fiat on-ramp") through Banxa's platform, but also to sell ("fiat off-ramp") their digital assets back to fiat currency. The service has already launched for bitcoin, and other currencies will follow in the coming months.
Banxa now provides the ability to sell cryptocurrency assets and convert the funds back into fiat currency to its partner network. These funds can then be deposited into the customer's nominated bank account. Banxa provides a large number of payment methods, and the new functionality will "close the loop" and allow its customers to move in and out of digital assets with a single provider. This service improvement opens an additional revenue stream for the company.
Commenting on the new service, Banxa CEO Holger Arians said: "This product upgrade is a critical piece of our roadmap. It is our goal to continue to bring new payment methods and services to our partners and end users. This is in line with our vision of global reach and local presence. I'm proud of the work done by our technology and compliance teams to ensure that our Payments and Reg-Tech platform is market leading."
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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)
Banxa Holdings Inc. (TSXV: 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 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.
For Further Information, see www.banxa.com
CONTACTS:
Investor Relations:
North America: +1 (604) 609 6169
International: +61 451 744 080
Email: Investor@banxa.com
Lytham Partners, LLC
Ben Shamsian
New York/Phoenix
Email: shamsian@lythampartners.com
Media Contacts:
Liam Bussell, Head of Corporate Communications
Email: Liam@banxa.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97067
