Banxa Holdings Inc, the leading Web3 payments and on-and-off ramp solutions provider, revealed the sale of three non-core domain names, and said the proceeds will be used to bolster the company's balance sheet.
The Toronto-based company said it will receive AU$3 million (US$2 million) from the sale of domain names and website assets coinloft.com.au, buyabitcoin.com.au, and the premium domain bitcoin.com.au to one of Australia's leading cryptocurrency exchanges, Independent Reserve Private Limited.
The domain names were formerly part of Banxa's business-to-consumer (B2C) offering before the company refocused its business to serve the business-to-business (B2B) market several years ago.
READ: BANXA Holdings deepens push into US market with new payment solutions and Reno-based team
As part of the sale, which will be settled in the coming two weeks, Banxa will receive AU$2.25 million in cash, and an AU$0.75 million equity stake in Independent Reserve.
The company noted that further sales from the company's non-core premium Bitcoin domain name portfolio are expected in the future including Bitcoin.co.uk (UK), Bitcoin.ca (Canada), Bitcoin.co.in (India), Bitcoin.eu (Europe), Bitcoin.ie (Ireland), Bitcoins.mx (Mexico) & Bitcoin.ke (Kenya).
Through its extensive network of local payment solutions paired with the required crypto licenses, Banxa gives its partners and projects access to global audiences with less friction and higher conversions. Banxa has a global team of Web3 natives with operating headquarters in the US, Europe and the vast Asia-Pacific region.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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