BANXA (TSX-V:BNXA, OTCQX:BNXAF) Holdings Inc, a leading global web3 fiat on-ramp and off-ramp solution provider, has announced key launches as part of its strategic roadmap to release more features in more markets globally.
In May, the company officially launched its payments provisions in Turkey making BANXA the only on/off ramp operating in this market directly. Turkey was ranked eighth for global consumer crypto adoption in the recent Chainalysis 2021 report, while a 2020 report from the Turkish Government estimated that around 3% of the population, or nearly 2.4 million people owned crypto.
The company said it sees the launch as a “significant milestone” as it increases its local infrastructure to encourage the adoption of cryptocurrency.
BANXA CEO Holger Arians said the company’s partners expect BANXA to provide new features for millions of end users. "We are excited that we are able to support them with the ability to offer off-ramping during current market conditions. With plans to expand our offering into more key markets, we are committed to bringing new opportunities to our partners and their end users globally."
READ: BANXA doubles revenue in first nine months as expansion continues
The "on-ramps" and "off-ramps" concepts are fairly intuitive, as they play an increasingly significant role in the mass adoption of crypto and fintech. An "on-ramp" is a service that allows for the exchange of fiat currencies (US dollars, Euros, etc) for cryptocurrencies. By contrast, an "off-ramp" is a process and service that allows for the exchange of cryptocurrencies for fiat.
In May, BANXA (TSX-V:BNXA, OTCQX:BNXAF) said it launched its crypto sell product feature for leading stablecoins in the key markets of Canada, Europe, the UK, and Australia. The launch means that BANXA’s extensive partner ecosystem of exchanges, wallets and other trading platforms can now provide their end users with a full buy and sell cycle for major stablecoins including USDC, a digital stablecoin that is pegged to the US dollar and Tether (USDT), another cryptocurrency stablecoin pegged to the US dollar.
BANXA said it is now the “only platform to enable global off-ramping of stablecoins,” leveraging its large network of local bank transfers. Top 10 exchange OKX has been confirmed as the exclusive launch partner, added the company.
In a statement, Lennix Lai, Financial Markets Director, at OKX, said: "OKX is empowering people in Turkey to trade crypto responsibly. High-quality on/off ramp solutions provide more opportunities for people to establish their own financial independence with OKX.”
He added: “Our partnership with BANXA will allow us to onboard more users to our platform and offer a broader range of payment options."
In May, BANXA announced the signing of 12 new partners including Top 50 exchange AAX and Sayl.Finance, leaders in the burgeoning NFT-as-a-Service ecosystem for brand marketers looking to enter the space. For the May period, BANXA also logged A$88 million (US$63 million) in total transaction value, up 11% month-over=month and in-line with market conditions and its peer base.
BANXA powers the world's largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. The company is headquartered in Melbourne, Australia, with European headquarters in Amsterdam and a presence in Toronto.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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