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Banxa Continues Growth with Local Payments in South Africa

ACCESSWIRE
·3 min read

Key Headlines

  • Launch of local payments in South Africa; giving access to the fastest growing crypto currency region amongst developing markets.

  • Signed 16 new partners in June including Huobi Wallet ‘iToken', ZkSpace and Catheon Gaming;

  • AUD$60 million (USD$40 million) in Total Transaction Value (TTV) in line with market volumes.

TORONTO, ON and MELBOURNE, AUSTRALIA / ACCESSWIRE / July 7, 2022/BANXA Holdings Inc. (TSX-V:BNXA)(OTCQX:BNXAF)(FSE:AC00) ("Banxa" or "The Company"), a leading global web3 on/off ramp solution, announces a number of key growth and product launches for the period ending June 30.

https://storage.googleapis.com/accesswire/media/707825/banxa-logo.png
https://storage.googleapis.com/accesswire/media/707825/banxa-logo.png

Continuing its focus on global expansion through local payments, in June the Company enabled local payments in South Africa, making it the only major on-ramp offering local payment transactions in addition to credit cards. In a country where it is estimated that only 25% of the population[1] have credit cards, and where up to 65% of the population is ‘unbanked'[2], this expansion into South Africa will give Banxa's partners access to a large market within the African region. Banxa's key partners Binance, Gate, CakeDeFi and Bybit have already gone live through this launch and are now able to onboard users locally through Banxa's infrastructure.

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Banxa CEO Holger Arians said, "Local payments are one of the key reasons our partner ecosystem is so strong and continues to grow. As the only major on-ramp to offer local payments in South Africa we provide our partners access to millions of end users looking to purchase digital assets with lower fees than credit cards and higher payment conversions. For Banxa, our payment service allows for greater liquidity in the digital asset space without direct exposure or balance sheet exposure to the underlying assets. This is a major milestone for Banxa, our partners and their users."

In June, Banxa announced the signing of 16 new partners including iToken - the global crypto wallet from Top 10 exchange Huobi, leading Layer-2 DEX (decentralized exchange) ZkSpace and Catheon Gaming, the fastest growing ‘play to earn' blockchain gaming platform with 10 games in development and more than 11 million users.

For the period ending the month of June, Banxa also recorded AUD $60 million (USD $40 million) in TTV (Total Transaction Value), which is inline with market conditions.

BANXA Holdings Inc. (TSX-V: BNXA) (OTCQX: BNXAF) (FSE: AC00)

Banxa's mission is to accelerate the world to Web3 with its leading global on/off ramp solution. Through its extensive network of local payment solutions paired with the required crypto licences, Banxa gives its partners and projects access to global audiences with less friction and higher conversions. Banxa has a global team of Web3 natives - with operating headquarters in the USA, Europe and APAC regions. For further information go to www.banxa.com

CONTACTS

Investors:
MZ North America
Brian M. Prenoveau, CFA
BNXA@mzgroup.us
561-489-5315

Media:
Wachsman
banxa@wachsman.com

ENDS

ON BEHALF OF THE BOARD OF DIRECTORS

Per: "DOMENIC CAROSA" https://twitter.com/dcarosa

Domenic Carosa, Chairman (1-888-218-6863)

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

Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "could", "intend", "expect", "believe", "will", "projected", "estimated", or variations of such words.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to work effectively with strategic investors; and changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

[1] Source - https://databank.worldbank.org/source/global-financial-inclusion

[2] Source - https://www.cnbcafrica.com/2021/the-promise-of-open-banking-in-driving-financial-inclusion-in-africa/

SOURCE: Banxa Holdings



View source version on accesswire.com:
https://www.accesswire.com/707825/Banxa-Continues-Growth-with-Local-Payments-in-South-Africa