Cryptocurrency has grown into a $2 trillion asset class, and industry users now have a variety of exchange options to buy and sell digital assets. As such, customer storage is no longer available to digital asset companies and crypto exchanges.
Banxa is a payment infrastructure platform that aims to help companies holding digital assets improve custody through compliance, regulation, and user experience.
With leading crypto payment solutions, Banxa has helped several well-known crypto exchanges implement the infrastructure to build world-famous trading platforms. This list includes cryptocurrency exchanges Binance, OKEx, KuCoin, and ByBit, all of which use Banxa to ensure that their global customer base can purchase crypto using both credit/debit cards and local payment methods such as bank transfers.
Banxa’s regulatory technology platform (Regtech) helps digital asset companies grow volumes and revenues. In addition, its easy-to-integrate API ensures compliance and payments, offering its customers the widest range of payment options in the industry.
Transformation means something
Based on a recent study, Banxa estimated that up to 62% of customers who encounter a failed transaction never use the service again. This means that almost two-thirds of potential customers are lost due to failed transactions.
In addition to failed transactions, fraudulent transactions can also affect the speed at which cryptocurrency exchanges can achieve the desired level of customer conversions. To identify these trends, Banxa is looking to develop exchanges with on-board payment providers.
More about the bank here
Banxa’s focus is not limited to providing targeted, structured and compliant payments to digital asset companies on cryptocurrency exchanges. The platform also offers solutions for decentralized financial protocols (DeFi) and decentralized markets, which ensure that all digital asset centers can increase customer conversion and storage.
With a number of partnerships and success with big names in the industry, Banxa has made it to Silicon Reviews 50 Fastest Growing Companies in 2021. Pursuing the broader goal of connecting the traditional financial system and digital assets, Banxa created “plug and play”. solution for companies that want to integrate digital assets into their platforms.
“We believe that the future of the digital asset space will depend on deeper integration with traditional payment and financial services, and building the infrastructure to achieve this is our main goal,” explained Holger Arrian, CEO of Banksa.
Banxa acknowledges the risks of the 2017 market boom driven by initial coin offerings and believes that one of the biggest problems with cryptocurrencies today is a lack of trust from reputable financial institutions. The company is currently listed on the Toronto Stock Exchange and the Frankfurt Stock Exchange, lending an additional layer of credibility to its fully compliant payment infrastructure.
“We determined that compliant and regulated companies will eventually take over the market as they become more regulated. By promoting our business, completing the process, and actively seeking registration and licensing, we plan to become a market leader in terms of transparency, available payment options, and regulation and global market compliance,” Arians said.