Banxa Hldgs Stock Price, News & Analysis

BANXA Holdings Inc. (OTCQX:BNXAF) announced a strategic partnership with BitMart, enhancing cryptocurrency adoption in crucial markets like Asia-Pacific and Latin America. This collaboration will provide BitMart users with more fiat-to-crypto on-and-off-ramping solutions, leveraging Banxa’s extensive payment network. Key benefits include higher conversion rates and lower fees due to access to local payment options. An introductory offer of 0% gateway fees on credit card purchases is available until March 31, 2023. This partnership underscores both companies' commitment to improving the digital asset trading experience.

Banxa Holdings (TSXV:BNXA)(OTCQX:BNXAF) is finalizing its audited annual financial statements for the fiscal year ending June 30, 2022. The company reports a revenue of approximately AUD$71 million (USD$49 million), a 53% increase from the previous year. The delay in filings is attributed to a review of revenue recording methods, with no impact on gross profit. Banxa has also reclassified digital assets on cryptocurrency exchanges for transparency. The firm anticipates filing its Annual Filings and interim statements soon, which may lift the current cease trade order. Total transaction volume reached circa AUD$1.6 billion (USD$1.1 billion) in FY2022.

BANXA Holdings Inc. (OTCQX:BNXAF) has integrated with MetaMask to enhance fiat-to-crypto transactions for users in Canada, Australia, the Netherlands, South Africa, and Turkey. This partnership allows easier access to crypto via local banking networks, reducing fees for users. Through Banxa's platform, MetaMask users can utilize standard payment methods like credit cards and Apple Pay, alongside regional options such as Interac in Canada. The integration promotes seamless fiat transfers, improves compliance, and simplifies onboarding for new crypto users. This move aligns with the growing demand for decentralized finance solutions.

Banxa Holdings (OTCQX:BNXAF) provided an update on its trade cessation status and business progress. The company is finalizing its audited financial statements for the year ending June 30, 2022, in collaboration with RSM Canada. Banxa has secured 12 USA Money Transmitter Licences and completed over 30 integrations, generating an additional AUD$500,000 in gross profit. To support increasing working capital needs, Banxa's subsidiary BTC entered a loan agreement for up to AUD$2 million with Thorney, accruing interest at 19.99%.

Banxa Holdings (OTCQX:BNXAF) announced delays in filing audited financial results for 2022, causing a trade cessation. Growth in transaction volumes strained financial systems, necessitating additional audit verifications. The company aims to enhance future audits by transitioning to SOC-compliant liquidity providers. Despite these issues, Banxa reported solid business progress, including partnerships with LG Electronics, integration with major Web3 players, and securing 10 Money Transmitter Licenses in the USA. The company claims clear visibility to profitability in FY2023.

Banxa Holdings has announced a delay in filing its audited annual financial statements for the fiscal year ended June 30, 2022, initially due by October 28, 2022. The delay has resulted in a Cease Trade Order (CTO) from the British Columbia Securities Commission. The company’s auditor, RSM Canada, requires additional time to complete the audit. Despite this, Banxa reports it has approximately AUD$12 million in cash on hand and that normal trading continues. An update for shareholders is expected within 5-10 business days.

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.