BANXA HLDGS INC - BNXAF STOCK NEWS

Banxa Holdings has successfully closed a CAD$3,500,000 funding deal under a previously announced agreement with Lind Global Fund II, LP. This funding includes the issuance of a convertible security with a face value of CAD$4,200,000 and warrants for 2,673,228 common shares at CAD$1.27 each. CEO Holger Arians expressed optimism about having over AUD$12 million in cash, providing over 12 months of operational cash runway. This funding is expected to support Banxa's growth as it navigates the current crypto market challenges.

Banxa Holdings Inc. has made significant progress in the U.S. market by receiving approval for five additional State Money Transmitter Licenses (MTLs), bringing its total to seven. The company has 33 more MTL applications pending, reinforcing its position in the cryptocurrency sector. Recent partnerships include agreements with MARBLEX, a major South Korean mobile-gaming firm, and dYdX, a prominent decentralized exchange. These developments enhance Banxa's role in the digital assets ecosystem, contributing to its mission of accelerating the transition to Web3.

Banxa Holdings has secured a CAD$3.5 million investment from Lind Global Fund II, enhancing its capital for licensing, technology, and general operations. This funding agreement involves a convertible security with a principal amount of CAD$3.5 million and pre-paid interest of CAD$700,000. Banxa aims to use these funds to bolster its cash reserves, which will exceed AUD$12 million, providing over 12 months of operational cash runway. The investment reflects Lind's commitment as a long-standing investor in Banxa since 2020.

Banxa Holdings is initiating a formal process to explore strategic M&A opportunities aimed at maximizing shareholder value after receiving unsolicited proposals. The board has engaged Architect Partners, a cryptocurrency-focused investment bank, to oversee this process. They emphasize the importance of unlocking value through strategic deals or organic growth. While the board remains optimistic about the company's future in the crypto market, they caution that all proposals reviewed are preliminary and non-binding.

Banxa Holdings has announced the sale of three non-core domain names for AUD$3 million (USD$2 million) to Independent Reserve Pty Ltd. The sale, comprising AUD$2.25 million in cash and a AUD$0.75 million equity stake, aims to strengthen Banxa's balance sheet. Previously part of Banxa's B2C services, these domains will now be divested as the Company focuses on its B2B operations. Future sales of additional premium Bitcoin domain names are anticipated, enhancing the Company's revenue potential.

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.

Banxa Holdings Inc. (OTCQX: BNXAF) has announced that its Founder and Chairman, Domenic Carosa, will participate in three significant investor conferences:

• H.C. Wainwright 24th Annual Global Investment Conference, New York, NY - September 12-14, 2022
• BTIG 2nd Annual Digital Assets Virtual Conference - September 19-20, 2022
• TOKEN2049 Singapore - September 28-29, 2022

Interested parties must register for these events. Banxa aims to enhance Web3 payments with its comprehensive on-off ramp solutions.

Banxa Holdings has officially opened its USA office in Nevada and appointed Richard Mico as USA CEO. The company submitted 8 Money Transmitter License (MTL) applications, with an additional 34 planned for August. The first licenses are expected to be granted as early as October 2022. This strategic move aims to solidify Banxa's position in the lucrative US crypto market, allowing the company to operate as a regulated Money Services Business (MSB) and offer a broader range of services to customers. This initiative is key to enhancing operational efficiency and expanding revenue streams.

Banxa Holdings (TSXV:BNXA)(OTCQX:BNXAF) has announced a significant cost reduction plan in response to the current downturn in the crypto market. The company experienced a 20% decrease in global capital, leading to reduced transaction volumes. To ensure long-term profitability, Banxa plans to lay off approximately 30% of its staff, along with cutting operational costs and downsizing its EU operations. The anticipated savings exceed $10 million annually. Despite these measures, management believes the market downturn is temporary and is refocusing on high-margin revenue streams to accelerate growth.