Banxa Launches Direct Cash to NFT Checkout Solution for the NFT Market

Rhea-AI Summary

Banxa Holdings (TSXV:BNXA) announces the launch of its Fiat to NFT Checkout solution, targeting the expanding USD$17 billion NFT market. This partnership with Atomic Hub aims to ease NFT purchases for consumers using credit cards. In April, Banxa secured new partnerships with BitForex, Umbria, and CoinTiger, while adding five new coins including HBAR and LUNA. The company's Total Transaction Value for April reached AUD$79 million (USD$56 million), reflecting a market-aligned performance.

Positive

• Launch of Fiat to NFT Checkout could increase market share in the growing NFT sector.
• Partnerships with significant platforms like BitForex, Umbria, and CoinTiger enhance network reach.
• Introduction of five new coins and chains strengthens product offering.

Negative

• Total Transaction Value (TTV) of AUD$79 million shows vulnerability in a downturn market.

Highlights:

• Banxa announces entry into USD$17 billion NFT market (1) with new cash (fiat) to NFT checkout - launching with leading NFT marketplace Atomic Hub.
• Signed key new partners in April including BitForex, Umbria and CoinTiger.
• 5 new coins and chains added including HBAR, LUNA and WAXP.
• AUD$79 million (USD$56 million) in Total Transaction Value (TTV) in line with market volumes.

TORONTO ON and MELBOURNE, AUSTRALIA / ACCESSWIRE / May 11, 2022 / BANXA Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF)(FSE:AC00) ("Banxa" or "The Company") announces the launch of its new product offering Fiat to NFT Checkout in partnership with leading non-fungible token (NFT) marketplace Atomic Hub.

With the rapid rise of the NFT consumer market over the last 12 months, this release positions Banxa to participate in the growing market, allowing its global partner network access to millions of end users looking to more easily purchase NFTs with credit cards.

This product launch has been in collaboration with Atomic Hub - the leading ‘Play to Earn' NFT marketplace that is home of key collections including Atari, Hasbro and Hot Wheels. With an infrastructure built on the WAX blockchain (certified carbon neutral and regarded as the most powerful API enabled chain, allowing for the fastest ecommerce transactions), Banxa believes this is the first of many partnerships in the ecosystem that will reduce friction for NFT purchases. With the NFT space growing to over $USD17 billion in sales in 2021, and a rapidly growing utility focused market, NFTs have quickly become a critical piece of the Web3 ecosystem.

Banxa CEO Holger Arians said, "Banxa is thrilled to build upon our foundation On- and Off-Ramp product with our new Fiat to NFT checkout. We know there is a huge amount of friction in the NFT purchase journey - and we believe our checkout product will make it easier for consumers to purchase NFTs with our partners - furthering our commitment to create more access points in and out of the cryptocurrency market."

In the April period, Banxa can announce five new partners including BitForex, the leading crypto trading platform of over 5 millions users, Singaporean crypto exchange CoinTiger and DeFi platform Umbria,

In the same period the team also listed five new coins and chains including:

• HBAR on its native Hedera Hashgraph
• LUNA on its native TERRAblockchain
• UST on its native TERRA blockchain
• WAXP on its native WAX blockchain
• USDC on its native Hedera Hashgraph

This re-enforces Banxa's commitment to offering the widest range of coins and blockchains to its global partner network of exchanges, wallets, dApps and NFT marketplaces.

For the month end of April, Banxa also recorded AUD $79 million (USD $56 million) in TTV (Total Transaction Value), in line with market downturn and peer base.

(1) Source: ​​https://atelier.net/news/the-2021-nft-market-report-presented-by-nonfungible

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.

ENDS

ON BEHALF OF THE BOARD OF DIRECTORS

Per: "DOMENIC CAROSA" https://twitter.com/dcarosa

Domenic Carosa
Chairman (1-888-218-6863)

BANXA Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF) (FSE:AC00)
Banxa powers the world's largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. Banxa's mission and vision are to build the bridge that provides people in every part of the world access to a fairer and more equitable financial system. Banxa is headquartered in Melbourne, Australia, with European headquarters in Amsterdam, the Netherlands.

For further information go to www.banxa.com

SOURCE: BANXA Holdings

View source version on accesswire.com:
https://www.accesswire.com/700881/Banxa-Launches-Direct-Cash-to-NFT-Checkout-Solution-for-the-NFT-Market

FAQ

What is Banxa's new product launched in May 2022?

Banxa launched the 'Fiat to NFT Checkout' solution.

Which marketplace is Banxa partnering with for its new NFT service?

Banxa is partnering with Atomic Hub for its NFT checkout service.

What was Banxa's total transaction value for April 2022?

Banxa recorded a Total Transaction Value of AUD$79 million (USD$56 million) for April 2022.

What new partnerships did Banxa form in April 2022?

In April 2022, Banxa formed partnerships with BitForex, Umbria, and CoinTiger.

Which new coins did Banxa add in April 2022?

Banxa added five new coins: HBAR, LUNA, UST, WAXP, and USDC.