Binance crypto exchange’s fiat gateway partner Banxa to create the U.K.’s Faster Payment Scheme for transferring Pounds (GBP) following the successful completion of the funding round. The funding further aims to strengthen Euro (EUR) and the Australian Dollar (AUD).

Essentially, Banxa provides fiat gateway infrastructure for the cryptocurrency exchange. The firm successfully raised $2M in its 1st round of investment, led by NGC ventures, one of the top ten most active investors in the blockchain and crypto space, and Thorney Investment Group, an Australian company.

As per the company’s founder chairman, Domenic Carosa, the fresh funding will be utilized to build businesses with different payment gateways, try and add more local currencies and licenses for future benefits. Mr. Carosa further said that they are planning to expand their businesses in Europe, Africa, and Asia. More so, Banxa is intending to add new features for exchanges and wallets.

Reportedly, Banxa serves around 20 million users which also includes few notable crypto clients such as Binance and OKEx. Moreover, the firm is currently supporting 12 different fiat currencies and expecting to include additional currencies in the near future. He confirmed that there are nearly 50 new companies waiting to join Banxa

Banxa is run by 25 unique people divided into their offices in the Netherlands, Australia, and the Philippines. Notably, there were just 15 people working for Banxa at the start of the year 2019.

How is Banxa positioned presently?

As per Roger Lim, the founder partner of NGC Ventures informed in one of his interviews with media;

“Banxa is well-positioned within the Crypto economy. It fundamentally supports the ever-evolving financial choices of the present contemporaries.” He also added that “Banxa provides the best user experience to the freshers by providing the necessary financial assurances that are required for their safety on this digital asset.”

The Banxa founder further confirmed that their firm will soon list its IPO onto the Toronto Stock Exchange and consequently, the pre-IPO session will be rolled out immediately.

“Banxa is in the process of launching an IPO on the Toronto Stock Exchange in Canada. We are soon going to launch the pre-IPO round.” – Domenic Carosa said.