blocktribune.com
Payment service provider (PSP) and RegTech platform BANXA Holdings has expanded globally with local entities established in Brazil, Turkey, the UK and the USA. The company is also actively exploring the setup of operations in Luxembourg and India.
Banxa powers the world’s largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. Banxa’s mission and vision are to build the bridge that provides people in every part of the world access to a fairer and more equitable financial system. According to the company, their infrastructure allows for higher fiat to crypto conversions than other providers in the market.
Banxa’s global expansion will enable the company to offer end consumers even more local payment options beyond credit cards and includes instant bank transfers. The next phase of its global expansion plan will be to turn on local payments in each of these markets. The first of these has been in Brazil with the launch of PIX – the instant payment system provided by the Brazilian Central Bank. This now gives Banxa’s global partner network access to millions more end customers with trusted local payment options. In emerging markets where credit card adoption is very low, Banxa’s in market offering gives partners the ability to on-and off-ramp more customers with conversion rates up to three times higher than credit card only solutions. This is seen as critical for gaining mass adoption of crypto in developing markets like Brazil, Turkey and India.
“Banxa is committed to entering the most markets with local operations, giving our partners the ability to serve millions of consumers with the best fiat to crypto purchasing experience globally,” said Banxa CEO Holger Arians. “We know that consumers demand a trusted payment solution when purchasing crypto, and I’m excited about Banxa providing a world class local payment solution.”
The company also announced a first-to-market Web3 partnership with the enterprise blockchain Hedera, further cementing its commitment to creating more local on- and off-ramping infrastructure for people around the world.
“The Web3 ecosystem is only in its infancy, with significant opportunities for businesses and individuals worldwide. Banxa is thrilled to be the first fiat to crypto on- and off-ramp to support USDC on Hedera,” said Arians. “Working with a leading enterprise-grade public ledger for the decentralized economy, we can continue to support the crypto ecosystem’s expansion and the opportunities this brings.”
“The HBAR Foundation is pleased to announce that Banxa, the global fiat on-ramp, was the first company to support USDC on Hedera,” said HBAR Foundation’s CEO Shayne Higdon. “The recent support will enhance Hedera’s already booming Web3 environment by opening up the Hedera ecosystem’s access to Web3. The collaboration with Banxa will attract more retail and institutional consumers to the Hedera Network due to secure, convenient, and fast transactions. In addition, Banxa’s payment infrastructure will play an important role in expanding Hedera’s enterprise-first approach.”