Expansion of Licensing and Operational Capabilities
Banxa has made significant progress in acquiring necessary licenses, including the UK crypto license and US MTL licenses, with plans to activate them imminently. They have also applied for a European markets and crypto assets license in the Netherlands.
Strong Operational and Financial Foundation
The company has completed audits on time and improved internal financial processes, resulting in a strong foundation. There is also a reduction in the cost of capital due to cheaper lending facilities.
New Partnerships and Product Enhancements
Banxa added notable partners like Exodus and CoinW, and enhanced product features, including express checkout and reduced KYC friction.
Year-on-Year Financial Growth
Banxa reported a gross profit improvement of about 10% year-on-year, with a 16% increase in core business activities.
Future Expansion Plans
The company plans to establish a corporate presence in the US and focus on expanding into real-world use cases like cross-border payments and remittances.