Advertisement
Canada markets open in 7 hours 11 minutes
  • S&P/TSX

    21,708.44
    +52.39 (+0.24%)
     
  • S&P 500

    5,011.12
    -11.09 (-0.22%)
     
  • DOW

    37,775.38
    +22.07 (+0.06%)
     
  • CAD/USD

    0.7255
    -0.0009 (-0.12%)
     
  • CRUDE OIL

    84.41
    +1.68 (+2.03%)
     
  • Bitcoin CAD

    85,329.11
    +994.37 (+1.18%)
     
  • CMC Crypto 200

    1,280.91
    -31.72 (-2.41%)
     
  • GOLD FUTURES

    2,398.50
    +0.50 (+0.02%)
     
  • RUSSELL 2000

    1,942.96
    -4.99 (-0.26%)
     
  • 10-Yr Bond

    4.6470
    0.0000 (0.00%)
     
  • NASDAQ futures

    17,376.25
    -171.00 (-0.97%)
     
  • VOLATILITY

    18.00
    -0.21 (-1.15%)
     
  • FTSE

    7,877.05
    +29.06 (+0.37%)
     
  • NIKKEI 225

    37,074.02
    -1,005.68 (-2.64%)
     
  • CAD/EUR

    0.6820
    -0.0001 (-0.01%)
     

Banxa Drives Growth With Strategic Partnerships & Product Enhancements and Engages a Market Maker

TORONTO and MELBOURNE, Australia, Feb. 14, 2024 /PRNewswire/ - Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") is pleased to provide a business update and announce the engagement of a market maker.

Banxa Holdings Inc. (www.banxa.com) (CNW Group/Banxa Holding Inc)
Banxa Holdings Inc. (www.banxa.com) (CNW Group/Banxa Holding Inc)

STRATEGIC PARTNERSHIPS

Banxa continues to expand its partner network, bolstering transaction volumes with key industry leaders. Highlighting a select few partners below:

  • SUI - A major Layer 1 blockchain and smart contract platform with over 8 million wallets and 218k daily active users, providing fast, private, and secure digital asset ownership

  • Coinmama - A leading cryptocurrency exchange with 4 million users across 188 countries, facilitating seamless crypto trading

  • Backpack - A non-custodial wallet based on the Solana and Ethereum blockchains, offering exclusive xNFT support

  • Meld.io - empowering developers to build a Multi Vendor Fintech stack, facilitating diverse financial solutions

ADVERTISEMENT

PRODUCT ENHANCEMENTS

Banxa has made significant advancements across various aspects of its product offering, aimed at providing more value to its partners - creating deeper partnerships and improving the end user experience - translating to increased transaction volumes and profitability.

  • Partner-driven order pricing
    Partners can now set and manage differentiated pricing for their users on a per-transaction basis in order to compete for new users or reward existing ones. Providing partners flexibility to take control of their user acquisition and retention goals

  • Advanced webhook statuses
    Banxa now returns more granular and frequent updates to the status of orders via its webhooks feature. Partners can get a deeper picture of what's happening with the order of their users, allowing them to create more specific and customisable user communications and experiences

  • Intelligent payment orchestration
    Banxa has rebuilt its fiat payment management engine from the ground up, now with the ability to automatically route payment requests between acquirers, retry attempts, and providing users with pre-submission validation, significantly enhancing the percentage of successful transactions

  • Embedded Crypto Strategy
    Banxa has furthered its exploration into an embedded crypto future and how it can revolutionize global commerce and exchange of value by leveraging its payments and compliance infrastructure. The Company is currently working with select partners on a product rollout plan

Overall, these advancements demonstrate Banxa's commitment to innovation and addressing the evolving needs of its partners and users in the crypto payments landscape.

MARKET MAKER ENGAGEMENT

Banxa has engaged Generation IACP Inc. ("IACP") to provide services as a market maker in compliance with the policies and guidelines of the TSX Venture Exchange ("TSXV"). The objective of the engagement is to maintain a reasonable market and improve the liquidity of Banxa's common shares on the TSXV.

IACP will receive a fee of C$7,500 plus applicable taxes per month. The agreement between Banxa and IACP is for an initial term of six (6) months and shall be automatically renewed for subsequent six (6) month periods (collectively, the "Term") unless Banxa provides written notice of termination to IACP at least 30 days prior to the end of the Term or IACP provides a written notice of termination to the Company. Commencing on the first anniversary of the agreement, the fee payable to Generation will automatically increase annually by 3%.

No stock options or other compensation are being granted in connection with the engagement. IACP does not currently own any securities of Banxa, however, IACP and its clients may acquire an interest in the securities of Banxa in the future. IACP is an arm's length party to Banxa. IACP will be responsible for the costs it incurs in buying and selling of Banxa's common shares, and no third party will be providing funds or securities for the market making activities.

IACP is a Toronto-based, independently owned investment dealer and a member of the Canadian Investment Regulatory Organization and a member firm of the Toronto Stock Exchange and the TSXV.

ABOUT BANXA HOLDINGS INC.

Banxa's mission is to accelerate the world to Web3 with its leading global on-and-off ramp solution. Through its extensive network of local payment solutions paired with the required crypto licenses. Banxa provides 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: 
Zafer Qureshi
investors@banxa.com

Neither the 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.

ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Zafer Qureshi"
Zafer Qureshi = Executive Director and Head, Corporate Affairs, +1-888-332-2692

Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forwardlooking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions.

These forwardlooking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

Cision
Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/banxa-drives-growth-with-strategic-partnerships--product-enhancements-and-engages-a-market-maker-302061069.html

SOURCE Banxa Holding Inc