Wednesday, December 7 2022

Banxa Holdings Inc, the leading provider of Web3 payments and on-ramp and startup solutions, disclosed the sale of three non-essential domain names and said the proceeds would be used to bolster the company’s balance sheet.

The Toronto-based company said it would receive A$3 million (US$2 million) from the sale of the domain names and assets of the coinloft.com.au, buyabitcoin.com.au website and domain premium bitcoin.com.au to one of Australia’s leading cryptocurrency exchanges, Independent Reserve Private Limited.

Domain names used to be part of Banxa’s business-to-consumer (B2C) offering before the company refocused its activities to serve the business-to-business (B2B) market several years ago.

READ: BANXA Holdings deepens US market penetration with new payment solutions and Reno-based team

As part of the sale, which will be settled within the next two weeks, Banxa will receive A$2.25 million in cash and an A$0.75 million stake in Independent Reserve.

The company noted that further sales of the company’s premium non-core Bitcoin domain name portfolio are expected in the future, including Bitcoin.co.uk (UK), Bitcoin.ca (Canada), Bitcoin. co.in (India), Bitcoin. eu (Europe), Bitcoin.ie (Ireland), Bitcoins.mx (Mexico) & Bitcoin.ke (Kenya).

With its extensive network of local payment solutions coupled with required crypto licenses, Banxa enables its partners and projects to access a global audience with less friction and higher conversions. Banxa has a global team of Web3 natives headquartered in the US, Europe and the wider Asia-Pacific region.

Contact author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

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