Banxa's crypto-to-fiat gateway will allow Bancor users to purchase crypto with fiat directly through the Bancor Network
TORONTO & TEL AVIV, May 17, 2021 /CNW/ - BANXA (TSXV: BNXA) (FSE: AC00) (OTCQX: BNXAF) the industry leading payment service provider (PSP) for the cryptocurrency industry, integrates its crypto-to-fiat gateway with Bancor, the leading liquidity protocol enabling automated cross-chain swaps and liquidity provision to different tokens. Through the integration, Bancor users will be able to purchase cryptocurrency with fiat currencies directly via the bancor.network.
The integration of Banxa's crypto-to-fiat bridge will empower Bancor customers to purchase digital assets through the Bancor Network interface with fiat currencies, without having to first convert their fiat into dollar-backed stablecoins, bitcoin, or ether. Digital assets directly available on the Bancor Network include BTC, BSV, LINK, ETH, LTC, USDT, BUSD and USDC.
Banxa is a payment-service provider and processor for digital assets partnering with different cryptocurrency exchanges, wallets, and decentralized finance (DeFi) platforms to enable their customers to purchase digital assets via multiple payment methods such as credit/debit card, Apple Pay, or bank transfer. Banxa has served crypto companies since 2014 and is listed on the TSX Venture Exchange.
Bancor, the crypto liquidity giant, invented automated-market makers (AMMs) on the blockchain in 2017, building its decentralized exchange into one of the leading and most-used DeFi projects. Customers can trade tokens and earn interest by placing them on Bancor's decentralized exchange.
"As the market continues its record-breaking bull run, we are proud to have our technology integrated with a project like Bancor," says Holger Arians, CEO of Banxa. "Bancor Network provides a smooth, user-friendly interface for non-custodial trading of thousands of cryptocurrency pairs, and this integration enables easier on-boarding for users who wish to transact from fiat currencies into their favorite tokens."
"We are really happy to be working with Banxa, who is a key player in the fiat-to-crypto bridge space," says Nate Hindman, Head of Growth at Bancor. "By partnering with Banxa, our existing users can simply and easily boost their positions. We are empowering a new generation of crypto users to enter the ecosystem."
BANXA ENTERS INTO PLATFORM ACCOUNT AGREEMENT WITH SRAX
BANXA (TSX-V: BNXA) (OTCQX:BNXAF) (FSE: AC00) ("BANXA" or the "Company") announces that it has entered into a platform account agreement (the "Platform Agreement") dated May 13, 2021 with SRAX, Inc. ("SRAX"), whereby SRAX will provide services to the Company that focus on enhancing communications between the Company and its shareholders through the use of SRAX's online platform (the "Platform").
Pursuant to the Platform Agreement, in consideration for the services provided by SRAX, the Company shall pay to SRAX a fee of $20,000 (the "Fee") for access to the Platform for a 12-month period from the effective date of the Platform Agreement and is obligated to purchase media deliverables from SRAX in the amount of $280,000. The Fee is payable in common shares of the Company ("Shares") at a price per share based on the closing trading price of the Company's common shares on the TSX Venture Exchange (the "Exchange") on the date that is the last day of each billing month in which services have been provided to the Company.
"The USA OTCQX listing is an important platform for Banxa and the agreement with SRAX will help increase visibility of Banxa to USA based investors" stated Domenic Carosa, Founder and Chairman of Banxa.
The issuance of the Shares under the Platform Agreement is subject to the approval of the Exchange and will be subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.
This announcement is made pursuant to the provisions of Exchange Policy 4.3.
BANXA LODGES SHORT FORM BASE SHELF PROSPECTUS WITH BC SECURITIES COMMISSION
The Company has lodged a Base Shelf Prospectus with BCSC which is available on Sedar.
"There are no immediate plans to raise capital given we have over $25m in cash and cash equivalents on the balance sheet. A Prospectus gives up greater optionality while raising monies via a Prospectus will allow us to attract new institutional investors at higher prices which will result in less dilution for existing investors" stated Domenic Carosa. Founder and Chairman of Banxa.
About BANXA
BANXA - Banxa Holdings Inc. (TSX-V: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
About Bancor
Bancor is an on-chain liquidity protocol that enables automated, decentralized exchange on Ethereum and across multiple blockchains. The company has a protocol for the creation of Smart Tokens, a new standard for cryptocurrencies which are intrinsically exchangeable directly through their smart contracts. Bancor utilizes an innovative reserve method to enable automatic price discovery and continuous liquidity for tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive. To learn more go to https://bancor.network/
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
SOURCE Banxa Holding Inc
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