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