Banxa expands and launches USDC stablecoin partnership

Friday 6 May 2022 10:45 CET | News

Payment service provider and regtech platform Banxa has announced new global expansion plans and Web3 partnership with the enterprise blockchain Hedera, according to Yahoo Finance.

Banxa reached key milestones to set up new local and/or cross-border payment processing in Brazil and the broader LATAM market as well as setting up local entities in Turkey, the UK, and the USA. Banxa is also actively exploring the setup of operations in Luxembourg and India. The company is also announcing a first-to-market Web3 partnership, looking to further cement its commitment to creating more local on- and off-ramping infrastructure for people around the world.

With an infrastructure that reportedly allows high fiat to crypto conversions, Banxa's will now be able to offer end consumers more local payment options beyond credit cards including instant bank transfers. Banxa is focused on growing these local entities over the coming months of 2022 as well as the acquisition of relevant licenses where required.

The next phase of Banxa's global expansion plan will be to turn on local payments in each of these markets. The first of these has been in Brazil with the launch of PIX – the instant payment system provided by the Brazilian Central Bank. This now gives Banxa's global partner network access to millions more end customers with trusted local payment options. In emerging markets where credit card adoption is very low, Banxa's in-market offering reportedly gives partners conversion rates up to three times higher than credit card only solutions. This is seen as critical for gaining mass adoption of crypto in developing markets like Brazil, Turkey, and India.

In addition to its rapid geographic expansion, Banxa has become able to support USDC on Hedera. Managed by industry leaders Circle and Coinbase, USDC is the USD-pegged stablecoin that since 2018 has brought US dollars onto the blockchain allowing more consumers and businesses to rapidly transact crypto payments globally, bringing a level of stability to the emerging market. The Hedera network is an enterprise-grade public ledger for the decentralised economy with several leading global organisations making up the governing body.

This partnership positions Banxa in the Web3 ecosystem, opening up the potential for key on- and off-ramp partnerships within the enterprise space and Hedera's retail Web3 environment.

More: Link

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Keywords: expansion, partnership, Web 3.0, stablecoin, PIX
Categories: DeFi & Crypto & Web3
Companies: Banxa
Countries: World
This article is part of category

DeFi & Crypto & Web3


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