- Banxa Holdings Inc. (BNXA) announces its October transaction volume results, the largest the company has ever recorded
- The October results came to a total transaction volume of AUD$162 million
- Banxa provides Regulation Technology services for cryptocurrency exchanges, DeFi platforms and digital asset wallets alongside its payment services
- Since the company’s January 6 IPO the company has grown from 38 to over 150 team members and has added 16 new partners in October
- Banxa Holdings Inc. (BNXA) is up 7.553 per cent and is trading at C$3.56 per share at 12:16 p.m. ET
Banxa Holdings Inc. (BNXA) announces its October transaction volume results, the largest the company has ever recorded.
The October results came to a total transaction volume of AUD$162 million.
Banxa provides Regulation Technology services for cryptocurrency exchanges, DeFi platforms and digital asset wallets alongside its payment services.
It allows users of platforms in the Banxa Network to convert fiat currency easily and securely to cryptocurrencies, and back again.
Holger Arians, CEO of Banxa said, “Speed is critical in the digital asset space and the market will continue moving at a rapid pace.”
“In the past 12 months we’ve increased our automated throughput of purchases that require no manual intervention by 513 per cent allowing us to capture a greater share of the market,” he said.
Since its January 6 IPO, the company has grown from 38 to over 150 team members.
It added over 30 new coins, and additional payment methods, such as SEPA Instant, and others.
Banxa has accelerated its already rapid onboarding of new partners, adding16 new partners in October.
Banxa issued 35,000 additional common shares SRAX, Inc. (SRAX), at a price of AUD$4.00 per share.
All amounts owing to SRAX according to a previously announced platform agreement have now been settled.
Banxa was provided with a short-term unsecured loan facility from two director-related entities last month to assist the company with the funding of working capital due to material increases in transaction volumes in October and November.
A total of AUD$5 million was advanced on an arm-length basis.
AUD$1 million was advanced in the form of cryptocurrencies and AUD$4 million advanced in the form of cash.
The loan is to be repaid within the next 10 business days.
The finance costs for this short-term facility are estimated to be AUD$32,000.
Banxa Holdings Inc. (BNXA) is up 7.553 per cent and is trading at C$3.56 per share at 12:16 p.m. ET.
