Banxa, a full-service, internationally compliant digital banking infrastructure provider, announced today it has completed its USD $2 million Pre-IPO investment round. The round was led by OK Group, a global blockchain technology and service provider focused on the research and development of the technology and its all-scenario applications.
The funding round will be used to support Banxa’s expansion efforts as it enters new markets throughout Europe, Asia, and Africa. Other participating investors in the raise include the Australian Securities Exchange (ASX) and listed Thorney Investment Group Australia, a multi-billion-dollar family office.
A representative from the Investment Department of OK Group Estrella Du said, “A blockchain-driven economy can enable everyone to access financial services without any intermediary, ultimately empowering people, regardless of social class and geographical location, with financial freedom and opportunities. To this end, building a bridge between fiat and crypto is of paramount importance. We sincerely hope our investment will be a catalyst for such development.”
Domenic Carosa, Founder and Chairman of Banxa said, “After almost six years in the blockchain industry, our goal remains the same––to champion a fairer, more open and more secure financial system for the benefit of consumers and businesses alike. We are currently in the final stages of a TSX.V listing which will make Banxa the first crypto Payment Service Provider (PSP) to be listed in the world, bringing well-needed transparency and governance to the crypto sector.”
Banxa offers a fully compliant fiat-to-crypto conversion service that provides regulatory compliance, fraud detection, and mitigation. Accommodating a host of payment options including global credit card providers, bank transfers in the European Union, Australia, and the United Kingdom, as well as cash payments, Banxa is able to offer high volume payment processing at low fees. Banxa’s B2B service launched in late 2019 and has already seen integrations with crypto firms including OK Group entities, Binance, KuCoin, and EDGE Wallet, servicing a combined customer base of over 20 million users.