Banxa Hldgs Stock Price, News & Analysis

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.

Banxa Holdings has launched its services in Turkey, allowing local users to purchase crypto via bank transfers, marking a strategic expansion in a market with notable crypto adoption. The company recorded AUD$88 million (USD$63 million) in Total Transaction Value for May 2022, an 11% increase from the previous month. Additionally, Banxa expanded its crypto sell feature for stablecoins across major regions including Canada and Australia, and has signed 12 new partners including AAX and Sayl.Finance, which enhances its service offerings significantly.

BANXA Holdings has partnered with WonderFi Technologies to develop local, secure payment tools aimed at enhancing user access to digital assets. This initiative leverages Ethereum, Polygon, and Bitcoin blockchains, focusing on markets including Australia, Brazil, EU, UK, and the US. The collaboration will enable WonderFi customers to use local payment options, improving conversion rates and compliance across various regions. The partnership aims to foster a more seamless and secure experience for users engaging with cryptocurrencies.

Banxa Holdings (TSXV:BNXA)(OTCQX:BNXAF) has announced a partnership with WonderFi Technologies to enhance payment solutions in the crypto space. This collaboration targets key markets including Australia, Brazil, the EU, UK, and the US, enabling users to seamlessly convert fiat to crypto with local payment options. The partnership emphasizes compliance and risk management, crucial as regulatory interest in crypto grows globally. Banxa's CEO highlighted the aim to build foundational infrastructure for future financial services, aiming for higher conversion rates for WonderFi's platform.

Banxa Holdings reported significant financial growth for the nine months ending March 31, 2022, with a 204% increase in Total Transaction Value (TTV) to AUD 1,205 million (USD 879 million). Revenue soared by 99% year-on-year to AUD 57 million (USD 41 million), supported by a 171% rise in Gross Profit to AUD 23 million (USD 17 million). However, the company faced an Adjusted EBITDA loss of AUD 6.6 million (USD 4.8 million), affected by market volatility. Banxa is expanding its operations with new entities in the USA and Turkey and added 12 new partners during the quarter.