- Total Transactions Value (TTV) was $687 mn AUD for the financial year ending 30th June 2021
- The previous financial year (ending 30th June 2020) TTV was $90 mn AUD - up 755% Year-On-Year
- TTV for June 2021 was $53mn AUD - generally in line with overall softer daily trading volumes for the sector
- Banxa has grown from a team of 28 at the beginning of the year to over 100 employees - with a focus on building new product offerings and scaling the business
TORONTO and MELBOURNE, Australia, July 14, 2021 /CNW/ - BANXA (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) Banxa Holdings, the payment service provider for the digital asset industry, is pleased to announce TTV for the financial year ending 30th June 2021, in accordance with Australian law. On the back of the latest crypto bull market, Banxa has benefited from increased interest in cryptocurrencies. The company maintains the belief that this is the beginning of mass market adoption into cryptocurrencies and continues to carry a long position in the sector as a whole.
Other highlights for the 30th June financial year:
- The 5 most popular currencies were USD, EUR, AUD, GBP and CAD
- The highest TTV for the year was May 2021 with $127mn AUD with the biggest day being $10mn AUD TTV
- Expansion of regulatory footprint - Banxa now holds cryptocurrency compliance & regulation registrations in Canada, Australia, Netherlands, Lithuania and via a partnership in the USA
- The company has "unbundled" its core product line to build out further offerings to support larger, regulated market players
Banxa's payment and compliance platform allows corporate customers to provide end users the ability to purchase digital assets via multiple payment methods - such as credit/debit card, Apple Pay or bank transfer. Banxa has the widest range of payment methods in the sector, and continues to add more.
Domenic Carosa, Founder and Chairman of BANXA said "As the industry matures, what we see again and again are issues with infrastructure and compliance - these have been widely reported in the media. Tech start ups tend to work to a 'move fast and break things' ethos, which is at odds with the heavily regulated financial services and payments space. At Banxa, our aim is to be the regulated partner for cryptocurrency exchanges and digital only businesses - acting as the bridge to the world of traditional finance and payments. We continue to expand both our client base and our product offering to support these clients. Our sustained and continued growth reflects our success in meeting our customers' needs."
Banxa Founder and Chairman Domenic Carosa will be presenting on July 15th at the LD Micro/Sequire Virtual Blockchain Conference. Register here to attend.
Banxa is also announcing the appointment of Dave Malcolm as Chief Marketing Officer. Dave has over 20 years' experience in the marketing space, and was a co-founder of Marley Spoon (ASX: MMM) and prior to that was at computer game firm Rockstar Games. Mr. Malcolm has a proven track record of building and scaling digital ventures.
Holger Arians, CEO of Banxa said "I am happy to welcome Dave Malcolm to the team as CMO. His experience will be invaluable in growing Banxa to the next level. It is critical for our partners and the industry to understand the value and scope of what we are building. Our aim is to be a responsible, long term actor in the sector. This year's growth has laid the groundwork for our future expansion. We are building the infrastructure of the future of finance."
BANXA announces that it intends to issue 15,512 common shares of the Company (the "Settlement Shares") at a price of $4.00 per share in settlement of outstanding debt totaling $62,050.80 (€42,000) (the "Debt") owing to an arm's length party, General Research GmbH, in relation to business development, marketing research and customer acquisition services provided to the Company (the "Debt Settlement"). The Company is proposing to issue the Settlement Shares in order to preserve cash to fund future operations.
By issuing the Settlement Shares, the Debt will be definitively extinguished. The Debt Settlement is subject to all necessary regulatory approvals, including acceptance from the Exchange. All securities issued in connection with the Debt Settlement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
"DOMENIC CAROSA" https://twitter.com/dcarosa
BANXA - Banxa Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF) (FSE:AC00) is a Payment Service Provider (PSP) with a mission to build the bridge between traditional financial systems, regulation and the digital asset space. Our goal is to onboard the general public to digital currency by building a fully compliant payment infrastructure that enables simple and secure conversion of fiat currency to digital currency (eg. USD/CAD to BTC/ETH). Banxa has offices in Australia, the Netherlands and Lithuania. For further information go to www.banxa.com
This news release may contain "forward-looking statements'' within the meaning of applicable Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. BANXA's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of BANXA's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties of the Company's business, including: BANXA's assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions, including risks related to COVID-19 and risks that future results may vary from historical results. Except as required by securities law, BANXA does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For Further Information, see www.banxa.com