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#Banxa Holdings (TSXV:BNXA, OTCQX:BNXAF, FWB:AC00) announced its financial results for September 2021 that included a Total Transaction Value (TTV) of AU$117.5 million. Banxa Holdings Chairman Domenic Carosa is happy to share that the company has generated around US$500 million TTV for the entire year.
“For the full year, we generated just under C$700 million of TTV, which translates to US$500 million, followed by revenue of C$46 million Canadian, which is about US$35 million. And on an adjusted EBITDA, we generated US$1.7 million. We are really trying to take advantage of all the opportunities in the #crypto space, whether it’s #Bitcoin or #Etherium, defi and NFTs,” said Carosa.
Banxa’s September TTV represents a 412 percent increase year-on-year in which Bitcoin and Stablecoins (USDC/USDT) both saw the most significant volume growth – in line with market demand. In the same month, Banxa’s local payments were proven to be trusted more than credit cards as shown via high growth in local payment methods like bank transfers, Interac and SEPA Instant.
According to Banxa Holdings Chairman Domenic Carosa, they have been adding more B2B customers, more coins, and more payment methods in the last 12 months.
“We just feel we’re really at the start of this whole journey. Crypto is only starting to become much more popular and acceptable these days. We’re starting to see big corporations making headway into this space. And that’s great for the industry because it just increases the prevalence of digital assets around the world.”
Banxa enables its end users to buy and sell through its platform with the recent launch of a sell function in EURO, GBP and AUD. The service has already launched for Bitcoin, and other currencies will follow in the coming months. Through these functions, end users can convert the funds back into fiat currency using their partner networks.
“A part of our secret is that we provide payments, as well as compliance because we all know that this industry is growing. The rules and the regulations are getting tougher, and as they become tougher, it’s actually music to our ears, because it solidifies the business model to effectively create the transition from the field world into the digital asset world.”
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