BANXA Holdings Inc (TSX-V:BNXA, OTCQX:BNXAF) has revealed it generated a total transaction volume (TTV) of $148 million in its second quarter to December 31, 2022, up 23.78% on its first quarter TTV of $120 million.
In a statement noting the filing of the quarterly results, Holger Arians, Banxa CEO, said: “The first and second quarters saw our company go through a difficult but necessary restructure that allowed us to dramatically cut costs while re-focusing on product development and revenue generation in our core business. We onboarded industry-leading DeFi wallets MetaMask and ZenGo as tier-one partners, and established a services arm of the business for paid asset listings, both of which have allowed us to diversify our revenue from centralised exchanges."
Arians added: "Looking ahead, we expect to continue to see the results of our efforts reflected in the company’s performance, as Banxa executes on our current strategy of aggressively pursuing profitability in the near-term.”
Banxa achieved a gross profit of $4,869 million in its second quarter, representing substantial 73% growth over the first quarter, and its operating loss improved by 65% quarter-on-quarter to $1,680 million, attributed to increased growth and ongoing cost optimization efforts.
With the filing of its first quarter and second quarter 2023 results, the company confirmed it will be formally requesting that the British Columbia Securities Commission and the TSX remove the Cessation of Trade order to allow the resumption of trading in its shares.
Prior to the resumption of trading, Banxa said its management team will host a webinar (with Q&A) to provide an update to shareholders, including third quarter to March 2023 Q3 results which the company anticipates filing by May 31.
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