Banxa Accelerates USA Expansion
Banxa Holdings Inc. (OTCQX:BNXAF) announced significant moves to accelerate its US market entry. Key highlights include:
- Activation of local acquiring for domestic card processing, reducing foreign exchange costs and enhancing conversion rates.
- Lodged 28 additional Money Transmitter Licenses (MTLs), totaling 40, allowing direct operations without intermediaries.
- Expanded payment methods with instant ACH coming soon, improving customer experience.
- Appointment of a dedicated US executive team to bolster operations.
- Activated local acquiring for lower foreign exchange fees and increased conversion rates.
- Total of 40 Money Transmitter Licenses (MTLs) enhances regulatory presence and operational efficiency.
- Broadened payment methods including upcoming instant ACH to improve customer experience.
- Established a dedicated US executive team to support growth.
- None.
- US market expansion accelerates with launch of local acquiring
- Lodged a further 28 US State Money Transmitter Licenses (MTLs)
TORONTO, ON / ACCESSWIRE / September 7, 2022 / Banxa Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF) (FSE:AC00) ("Banxa" or the "Company"), the leading Web3 payments and on/off ramp solutions provider, today announced its acceleration into the US market.
Banxa has made significant further progress on its entry into the key US market. Highlights include:
- US local acquiring (domestic card processing) has been activated, which results in immediate lower costs from foreign exchange fees and payments to intermediaries, and increased conversion rates and customers.
- Comprehensive payments coverage is now available to Banxa's partners and customers operating in the US market, including credit card and wire transfer, with instant ACH (iACH) to be released imminently. These payment methods will result in higher conversion rates and an improved customer experience.
- Lodged a further 28 Money Transmitter Licenses (MTLs), bringing the total to 40. MTLs legally allow Banxa to effectively undertake its business model in the US without leveraging third-party intermediaries, and increases regulatory presence in the market. The Company was granted its first two MTL's in Georgia and Arkansas on 29th and 31st August respectively.
- Appointment of US Chief Compliance Officer, US Chief Operating Officer, and US Chief Technology Officer, with the US Chief Financial Officer to be appointed imminently; this finalizes the US Executive team. All team members are based in the US operating headquarters located in Reno, Nevada.
"Since the company's founding in 2014, Banxa has taken the long view, focusing on mastering and simplifying the complexity of payments, conversions, compliance, and regulations for crypto and Web3,'' said Holger Arians, the Company's Chief Executive Officer. "I am as confident as ever in Banxa's future and look forward to our continued growth-especially as we continue to build our presence in the United States."
Full Year Results Update
The Company confirms that it will be releasing its full-year results (to 30th June 2022) by the end of October 2022 within TSX time requirements. The Company will update the market on the exact date for the results and accompanying results webinar in due course.
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 gives 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:
MZ North America
Brian M. Prenoveau, CFA
BNXA@mzgroup.us
561-489-5315
Media:
Wachsman
Ethan Lyle
banxa@wachsman.com
ENDS
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "DOMENIC CAROSA" https://twitter.com/dcarosa
Domenic Carosa = Chairman (1-888-218-6863)
Neither 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
Forward-looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "could", "intend", "expect", "believe", "will", "projected", "estimated", or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to work effectively with strategic investors; and changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
SOURCE: Banxa Holdings Inc.
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FAQ
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