Banxa: Bridging the Old World and the New Decentralized Economy
Crypto is fast becoming a household name in the world of finance, and those looking to get in on the action need a secure gateway to be able to purchase bitcoin or other crypto assets.
Additionally, many businesses are increasingly adding digital assets as a viable payment option for products and services. This makes it important for firms to find a sophisticated payment solution that allows them to receive fiat payments that are paid as cryptocurrencies. That is why Banxa was created.
What is Banxa?
Banxa is an Australian payment service firm that seeks to offer users a reliable and secure bridge between the old world – traditional financial institutions. and the new decentralized economy – the crypto industry.
Founded in 2014, the company aims to provide its clients, including wallet providers, exchanges, and other crypto businesses, with a fiat-to-crypto gateway solution.
Banxa’s payment infrastructure offers online payment services across multiple currencies, both fiat and crypto, as well as multiple global and local payment types, including debit and credit cards.
The company’s vision is to build a go-to bridge that provides people in every part of the world access to a fairer and more equitable financial system.
Banxa operates several systems that allow customers to purchase or sell cryptocurrencies, including BTC, USDT, and many more, while also providing crypto custodial services.
It is currently serving clients from different parts of the world, with several offices in over ten countries, including its head office in Australia.
Features of Banxa
Security and Regulatory Compliance
Security is a vital factor that determines the credibility of a payment solution within and outside the crypto space. As a result, Banxa has taken the responsibility of ensuring that its processes are secure, protecting user information and funds while safeguarding the identity of these users too.
Since it provides a fiat-to-crypto gateway that allows customers to transfer their funds from crypto to fiat and back, Banxa has ensured that its payment infrastructure is compliant with the highest industry standards.
It has a Know Your Customer (KYC) compliance process that users must complete to access the highest transaction limit on the platform.
This process involves submitting personal information, including a phone number, home address, a government-issued ID, and a selfie with the submitted ID, as well as other verification processes.
To complete a transaction, users will have to go through a two-factor authentication (2FA) process to ensure that no third party gains access to a user’s account. They will be required to enter a PIN sent to the phone number associated with it.
Aside from these, Banxa undergoes annual audits to ensure that its security measures are maintained and that it complies with the regulations of the countries it offers its services.
Efficient Support System
Banxa offers a 24/7 customer support system that gives users clear and satisfactory answers to questions they might have concerning the platform.
The company has a dedicated support page on its official website where several common issues with user accounts – including order delays and declined payments – and frequently asked questions (FAQs) are treated.
Risk Profiling and Risk Management
Having been in the business for seven years, Banxa has effectively developed risk-profiling capabilities within the team.
The company provides risk-profiling services, but it also helps institutional clients to manage such risks using strategies that are designed to keep their customers safe and the business operational.
Fraud Detection and Zero Chargebacks
Banxa has fraud detection systems that are designed to keep businesses and their customers safe. The system, alongside its team of experts, also ensures that merchants do not lose out via chargebacks.
Regulation and Global Acceptance
The team believes that transparency and regulation are the keys to unlocking the full potential of digital assets. With that said, Banxa is among the first exchange payment systems to become a publicly-listed company and is currently listed on exchanges.
The company has received regulatory approval in several countries, including the UK, the US, the Philippines, Australia, Amsterdam, Lithuania, the Netherlands, and many more. It has also been able to provide its services to several high-profile crypto wallets and exchanges within the industry, including OKEx, Bybit, Edge, Phemex, and more.
OhNoRipple via https://www.ohnocrypto.com/ @Danish Yasin, @Khareem Sudlow