Banxa Launches Local Payments in Turkey, and Releases Market Leading Crypto ‘Sell’ (Off-Ramp) for Stablecoins With Top Global Exchanges

Key Highlights:

• Launch in Turkey enables all Turkish users in our partners' networks to buy crypto directly with local bank transfer
• Crypto sell feature expanded to stablecoins for major exchanges
• Signed 12 new partners in May including AAX and Sayl.Finance
• AUD$88 million (USD$63 million) in Total Transaction Value (TTV) for May 2022, in line with market volumes; up 11% MoM

TORONTO, ON and MELBOURNE, AUSTRALIA / ACCESSWIRE / June 15, 2022 / BANXA Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF) (FSE:AC00) ("Banxa" or "The Company"), the leading global web3 on/off ramp solution, announces key launches as part of its strategic roadmap to release more features in more markets globally. In May the company officially launched its payments provisions in Turkey making Banxa the only on/off ramp operating in this market directly. Turkey was ranked 8th for global consumer crypto adoption in the recent Chainalysis 2021 report, while a 2020 report from the Turkish Government estimated around 3% of the population owned crypto (2.4 million people). This launch is a significant milestone for Banxa as it increases its local infrastructure to onboard the world to digital assets.

Foto: Accesswire

During the May period the company also launched its crypto sell product feature for leading stablecoins in the key markets of Canada, Europe, the UK and Australia. This launch means that Banxa's extensive partner ecosystem of exchanges, wallets and other trading platforms can now provide their end users with a full buy and sell cycle for major stablecoins including USDC and USDT. Banxa is now the only platform to enable global off-ramping of stablecoins, leveraging its large network of local bank transfers. Top 10 exchange OKX has been confirmed as the exclusive launch partner.

Lennix Lai, Financial Markets Director, OKX, said:"OKX is empowering people in Turkey to trade crypto responsibly. High-quality on/off ramp solutions provide more opportunities for people to establish their own financial independence with OKX. Our partnership with Banxa will allow us to onboard more users to our platform and offer a broader range of payment options."

Banxa CEO Holger Arians said, "Our partners are continually looking to Banxa to provide new features for their millions of end users, and we are excited that we are able to support them with the ability to offer off-ramping during current market conditions. With plans to expand our offering into more key markets, we are committed to bring new opportunities to our partners and their end users globally."