Banxa Records 71% YOY Increase for March Quarter 2022

Rhea-AI Summary

Banxa Holdings announced a significant growth in its Total Transaction Volume (TTV), reaching AUD $355 million (USD $274 million) for Q3 2022, a 71% increase year-on-year from AUD $207 million (USD $159 million). In March 2022, TTV was AUD $81 million (USD $60 million). The company signed nine new partnerships, including major platforms like Paxful and Pionex, and introduced 13 new cryptocurrencies such as APE and AXS. Additionally, Banxa engaged a market maker while announcing the departure of its CMO.

Positive

• TTV increased by 71% year-on-year to AUD $355 million (USD $274 million) in Q3 2022.
• Signed 9 new partners, enhancing market presence and growth opportunities.
• Added 13 new coins, expanding product offerings and customer access.

Negative

• Departure of CMO may impact marketing strategy and brand consistency.

Highlights:

• Q3 2022 Total Transaction Volume (TTV) of AUD $355 million (USD $274 million) up from AUD $207 million (USD $159 million) in Q3 2021
• March 2022 TTV of AUD $81 million (USD $60 million)
• Signed 9 new partners including Paxful, Pionex and 1Inch
• Added 13 new coins including APE (ApeCoin), CAKE (PancakeSwap) and AXS (Axie Infinity)

TORONTO, ON and MELBOURNE, AUSTRALIA / ACCESSWIRE / April 12, 2022 / BANXA Holdings Inc. (TSX-V: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa" or "The Company"), the world's first listed payment service provider (PSP) and RegTech platform for the digital assets industry, has today announced its March 2022 TTV, recording AUD $81 million (USD $60 million).

For the quarter ending March 31, 2022, the Company recorded a 71% year-on-year increase compared to the same reporting period in 2021, growing from AUD $207 million (USD $159 million) to AUD $355 million (USD $274 million), in line with the market conditions.

In March, Banxa added 9 new partners to its network, including Paxful, the large well-known peer-to-peer exchange platform with over six million users, Pionex the automated trading leader driven by crypto trading bots, and 1Inch, the top 10 DEX aggregator and a key player in the DeFi space. These new partners provide significant growth opportunities and great exposure to existing and emerging markets.

The business also added 13 new coins across ten chains, including the highly anticipated APE (ApeCoin), CAKE (PancakeSwaP) and AXS (Axie Infinity). Adding these new coins solidifies Banxa's mission to bridge the gap between the fiat and crypto worlds, creating more access points for millions of consumers worldwide to enter the cryptocurrency market.

"Over the past few months, we've seen the crypto market re-energize. Joining the wider crypto community at leading events in the last few weeks, including Miami NFT Week and NFT LA, we've seen increasing passion and support from the crypto industry regarding our continued investment and breadth in offering. We're excited to be a part of the unique opportunities in the coming months, as we anticipate the market will accelerate quickly this year with the growing broader community interest," said Holger Arians, Banxa CEO.

Banxa has also announced the departure of Dave Malcolm as the Company's Chief Marketing Officer. Dave was a steady guiding force for the company from its early days. Chloe Sasson, Banxa Chief of Staff, will be stepping into the role for the interim.

"I would like to thank Dave for his immeasurable contributions to the company as we navigated our existence as a publicly traded company. We wish Dave only the best in his future endeavours," said Holger Arians, Banxa CEO.

Banxa has also announced that it has granted 40,000 Options to an officer of the Company. The Options vest over 24 months, have an expiry of 5 years and are exercisable at CAD $2.50.

Market Maker Engaged

The Company has engaged the services of Generation IACP Inc. ("Generation") to provide services as a market maker in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. Generation will receive a fee of CAD $7,500 plus applicable taxes per month. The agreement between the Company and Generation is for an initial term of six (6) months and shall be automatically renewed for subsequent four (4) month periods (collectively, the "Term") unless the Company provides written notice of termination to Generation at least 30 days prior to the end of the Term or Generation 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 3.0%. No stock options or other compensation are being granted in connection with the engagement. Generation does not currently own any securities of the Company; however, Generation and its clients may acquire an interest in the securities of the Company in the future.

-----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. (TSX-V: 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

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

CONTACTS:

Investor Relations:
Email: Investor@banxa.com

Apollo Shareholder Relations
Retail Investor Contact
604-757-3698

Brian M. Prenoveau, CFA
MZ North America
561-489-5315
BNXA@mzgroup.us

Media Contacts:
Michelle Boland, PR Group
Email: banxa@prgroup.com.au

SOURCE: Banxa Holdings

View source version on accesswire.com:
https://www.accesswire.com/697053/Banxa-Records-71-YOY-Increase-for-March-Quarter-2022

FAQ

What is the Total Transaction Volume (TTV) reported by Banxa for Q3 2022?

Banxa reported a TTV of AUD $355 million (USD $274 million) for Q3 2022.

Who are the new partners that Banxa signed in March 2022?

Banxa signed nine new partners including Paxful, Pionex, and 1Inch.

What cryptocurrencies did Banxa add recently?

Banxa added 13 new coins, including APE (ApeCoin), CAKE (PancakeSwap), and AXS (Axie Infinity).

What was Banxa's TTV in March 2022?

Banxa's TTV in March 2022 was AUD $81 million (USD $60 million).

What changes occurred in Banxa's executive team?

Dave Malcolm, the Chief Marketing Officer, departed, and Chloe Sasson will serve as interim CMO.