Cryptocurrency has evolved into a $2 trillion-dollar asset class and users in the industry now have a plethora of choices when it comes to choosing an exchange to buy and sell digital assets. As such, customer retention is no longer a given for digital asset businesses and crypto exchanges.
Banxa is a payments infrastructure platform that aims to help digital asset businesses improve their retention through compliance, regulation and user experience.
With its leading-edge crypto payment solutions, Banxa has helped several prominent crypto exchanges implement infrastructure to build globally renowned trading platforms. Included in this list are crypto exchanges Binance, OKEx, KuCoin and ByBit – all of which use Banxa to ensure their global customer base can buy cryptocurrencies using both credit/debit cards and local payment methods such as bank transfers.
Banxa’s regulation technology (regtech) platform helps digital asset businesses grow volume and revenues. Moreover, one easy-to-integrate API handles compliance and payments while also presenting the widest range of payment options in the industry to its clients.
Based on a recent study, Banxa estimates that as many as 62% of customers who experienced a failed transaction don’t try a service again. This equates to losing out on nearly two-thirds of potential customers due to failed transactions.
Aside from failed transactions, fraudulent transactions can also impact the rate at which crypto exchanges can achieve their desired level of customer conversion. Identifying these trends, Banxa aims to sophisticate the process for exchanges onboarding onramp payments providers.
Banxa’s focus on providing regulated, compliant focused payments for digital asset businesses isn’t just limited to crypto exchanges. The platform has solutions in place for decentralized finance (DeFi) protocols and decentralized marketplaces as well, ensuring all digital asset venues have the potential to maximize customer conversion and retention.
A number of partnerships and success with big names in the industry has propelled Banxa to The Silicon Review’s list of 50 fastest-growing companies in 2021. With a broader goal of bridging the gap between the traditional financial system and digital assets, Banxa has built a “plug and play” solution for businesses that want to integrate digital assets into their platforms.
"We believe the future of the digital asset space will be driven by deeper integration with traditional payments and financial services and building the infrastructure to achieve this is our core objective,” explained Holger Arians, CEO of Banxa.
Recognizing the pitfalls of 2017’s market boom driven by initial coin offerings, Banxa found that one of the biggest issues with cryptocurrency today is a lack of trust by established financial institutions. The company is now publicly listed on the Toronto Stock Exchange and the Frankfurt Stock Exchange, adding an additional layer of credibility to its fully compliant payment infrastructure.
“We decided that regulated, compliant companies would ultimately capture the market as it became more regulated. By publicly listing our business, completing the process and actively pursuing registration and licensing, we plan to lead the market in terms of transparency, available payment methods and global market regulation and compliance,” said Arians.
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