Banxa Raises $2 Million From OK Group, ASX, to Expand Fiat-to-Crypto Conversion Service

Banxa, a blockchain-powered banking infrastructure provider, has raised USD$2 million in a Pre-IPO investment round led by OK Group, a blockchain specialist. Banxa will use the funds for its global expansion efforts as it enters new markets throughout Europe, Asia, and Africa, while it continued its listing process on the Toronto Stock Exchange (TSX.V).

The startup offers a fully compliant fiat-to-crypto conversion service that provides regulatory compliance, fraud detection, and mitigation. Accommodating a host of global payment options including leading 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 has also launched a B2B service launched in late 2019 which already integrates with global crypto firms including OK Group entities, Binance, KuCoin, and EDGE Wallet, servicing a combined customer base of over 20 million users. Other participating investors in the raise include Australian Securities Exchange (ASX) and listed Thorney Investment Group Australia.

Estrella Du, Investment Department at OK Group, 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, commented: “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 operates cryptocurrency exchanges in Australia and abroad since 2014, having grown to develop exclusive partnerships with retail networks, biuld a robust global payment and compliance infrastructure, and establish offices in Australia and throughout Europe. The firm is now offering its seasoned cryptocurrency gateway platform to other businesses in the industry.

OK Group, the leading investor in the fundraise, regularly finds viable projects for its funding. In April, the firm announced a multi-million dollar investment with Wuhan CocoBull Technology, a Wuhan-based high-tech startup focused on an intelligent search engine for blockchain industry information, big data mining analysis on the chain, as well as AI Services such as personalized information push of artificial intelligence. The members of the core team come from Microsoft, Tencent, and Huawei.