TORONTO and
MELBOURNE, Australia,
Feb. 14,
2024 /CNW/ - 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.
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
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
"forward‐looking 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 forward‐looking 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.
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SOURCE Banxa Holding Inc