Banxa Holdings Inc - BNXAF stock
Introduction[edit]
Banxa Holdings Inc. (OTC: BNXAF, TSXV: BNXA) is an Australian-based global payment service provider (PSP) for the digital asset industry. The firm offers a fiat-to-crypto gateway solution for cryptocurrency businesses including exchanges, wallets, and others. The company provides both local and international payment methods, such as credit cards and retail store networks. Its websites facilitate the purchase and sale of cryptocurrencies by interested parties. In addition, Banxa Holdings carries out sourcing and purchasing of cryptocurrencies on its customers’ behalf. Its common stock is publicly traded on the OTC market under ‘BNXAF’ symbol. The company is headquartered in Melbourne, Australia.[1]
Background[edit]
Banxa was established in 2014 by Domenic Carosa. The fiat-cryptocurrency payment processing company made its first IPO in 2021. The company’s foundation is laid on a global team of crypto, legal, and tech experts. Its core objective is to shut the massive gap between traditional financial systems and digital asset platforms. The company has its eyes on becoming the leading payments company in the digital currency sphere.[2]
Company Operations[edit]
Banxa Holdings is focused on operating its fully compliant fiat-to-digital currency pipeline and helping in the smooth transition to more user-friendly digital asset platforms. With its on-and-off ramp solution, the company meets its determination to accelerate the world to Web3. The underlying technology eliminates intermediaries making the value chain cheaper and more efficient. Banxa runs a global team of Web3 experts, with operating bases in Europe, the USA, and APAC territories. The company efficiently secures global audiences to its partners and projects via the company’s large portfolio of local payment solutions. The firm acquires relevant crypto licenses leading to convenience in exchanges. Smooth operations result in numerous rapid transactions and gradually massive upside returns for the company.[3]
Web3 Technology[edit]
Web3 technology is an improved version of Web2 that had a server-client design, giving centralized private corporations absolute ownership and control of data. Web3 splits and extensively reduces the power of centralized parties by eliminating the server-client model and replacing it with distributed ledgers. The blockchain is a perfect example of a decentralized data system. Information in these technologies is scattered and stored in decentralized computer networks. Web3 thus aims to provide users with data sovereignty and ownership rights. The technology has been employed to develop the Bitcoin blockchain, Ethereum blockchain, and Non-fungible tokens (NFTs), among others.[4]
Partners[edit]
The company is partnered with nearly 100 exchanges, each with a pre-existing user base of at least 50,000. The number of partners is expected to shoot with the increased number of cryptocurrency exchange platforms. The partnerships have consequently exposed Banxa to a robust customer base leading to an exponential potential growth in the number of transactions and returns. The exchanges include Binance, Africrypt, KUCOIN, tokens, XT.com, Virtus exchange, and Bitcoin.comExhcange, MTX, among others.[5]
Banxa’s operations are entirely independent of its partners’ coin performance. The company has consistently been pushing for regulation in the industry. The company is determined to provide a more secure payment platform that eliminates fraud and chargebacks. The company is mobilizing and engaging concerned organizations to construct more rigid regulation systems to be implemented in the global digital asset space.[2]
Trust Wallet[edit]
Banxa has teamed up with Trust Wallet to provide Trust Wallet users with smooth and effortless transactions. This partnership offers users a wide array of payment choices, including conventional methods like credit cards and Apple Pay, along with various local payment options such as Interac in Canada, iDeal in the Netherlands, PayID in Australia, and others. Additionally, users can expect exceptional conversion rates through this collaboration.[6]
Growth[edit]
On July 27, 2022, the company announced its expansion move, establishing its physical entry into the USA, the world’s largest and most prominent crypto market. The company set up its operating headquarter in Reno, Nevada, to be steered by newly appointed USA CEO Richard Mico, Banxa’s Chief Legal Officer. The company also disclosed that it had issued up to 8 Money Transmitter License (MTL) applications which are expected to start maturing as early as October 2022.[7]
The firm progressed with its expansion by extending its pipeline of local payment infrastructure in South Africa on July 7, 2022. The move made Banxa the only major on-ramp offering local payment transactions in addition to credit cards. The company is projected to reap enormously from the gigantic African market with 65% of the unbanked population and only 25% of credit card holders.[8]
On May 20, 2022, Banxa announced y announced its January to March 2022 quarter results. The quarter result highlights include:
- 99% year-on-year growth in Revenue of $AUD57 million ($US41 million) for the 9-months ending 31st March - upAUD$28 million (US$20.5 million)
- 8% year-on-year growth in Gross Profit to $AUD6.6 million ($US4.8 million) up from $AUD6.1 million ($US4.4million)
- $AUD19 million ($US14.2 million) in liquid assets (including cash, deposits, and digital assets)
- Entities set up in 2 new regions; the USA and Turkey - continuing expansion into new growth markets.
- 12 new partners signed - support for 30 new coins/chains added.[9]
Funding[edit]
October 2023[edit]
Convertible debenture units were issued to raise C$6,000,000, with each unit consisting of one unsecured convertible debenture and "such number of common share purchase warrants in the capital of the Company equal to 40% of the number of common shares in the capital of the Company issuable upon conversion of the Note. Each Warrant will be exercisable for one Common Share at an exercise price of CAD$1.00 for a period of 36 months from the date of issuance."[10]
Management Team[11][edit]
Banxa has a world-class team of crypto, financial and legal professionals. The company commands massive experience in digital asset and PSP space, with an approximate market cap of C$40.7 million. It is poised for success and economic growth in the crypto world and hence requires a top-class team to steer it to desirable heights. The team has the vision to provide the world with equal access to digital assets.
- Holger Arians, CEO at BANXA
- Holds a Master of Business Administration (MBA) from ESSEC Business School
- Attended a program for Leadership Development- Executive Education in Harvard Business School
- Experience in business strategy and change management
- Co-founder of Apollo Capital
- CEO of Dominet Venture Partners from 2014 to 2019
- Shyamal R Deo, Chief Financial Officer
- Bachelor of Business Accounting, Monash University
- Bachelor of Business, Banking and Finance, Monash University
- Attended Australian Institute of Company Directors and Said Business School, Oxford University
- Over 20 years of experience scaling private equity backed businesses across Australia
- Interim CFO Page Up, 2019-2020, CFO Dorman Capital Investment Group, 2017-2018, Investment Advisor OSHClub, 2016
- Chloe Sasson, Chief Of Staff
- Bachelor of Economics, University of Sydney
- More than 15 years of experience in across operations, sales, partnerships and go-to-market strategy within the technology, product and digital data space in AUNZ and APAC
- CEO/COO Poplin Data, 2019-2021, Founder of RobotConsulting, 2018-2020, Google Cloud Marketing Manager, 2017-2018
- Outstanding skills in advertising, digital strategy, and google analytics
Environmental Regulation[edit]
The consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth or State law.[12]
- ↑ Banxa Holdings Inc./Profile - CNBC News. Retrieved 8/8/2022.
- ↑ 2.0 2.1 Banxa Holdings/Overview - Emerging Tech Investing News. Retrieved 8/8/2022
- ↑ Linkedin.com/company/banxa-com/about/ - Accessed 8/8/2022.
- ↑ Web 3.0: A Simple Explanation – Crypto Studio
- ↑ Banxa official website/About. Retrieved 8/8/2022
- ↑ GlobeNewsire. Banxa Partners with Trust Wallet for Secure, Seamless Crypto Transactions. November 29, 2023.
- ↑ Banxa Establishes USA Office, Submits 8 License Applications in World’s Largest Crypto Market - Yahoo Finance
- ↑ Banxa Continues Growth with Local Payments in South Africa – Yahoo Finance News. Accessed on 8/9/2022.
- ↑ Banxa Reports 99% year-on-year Revenue Growth YTD March 22 – Banxa Press Releases. 5/30/2022
- ↑ Amazon AWS. BANXA Announces Private Placement of up to CAD$6,000,000. October 10, 2023.
- ↑ banxa.com/meet-the-team/ - Banxa Holdings Official Website
- ↑ CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 AND 2019 – SEC.Report. Retrieved 8/92022
OTC Symbol: BNXAF | OTC Tier: Pink Current
