Crypto Payments Processor Banxa to Go Public in Canada

The company is expecting a market capitalization of around $50 million.

Banxa, an Australian cryptocurrency payments infrastructure provider, is set to go public on the Canadian TSX Venture Exchange anytime around this upcoming Christmas.

As reported by local business daily, Financial Review on Monday, the payments processor has already received approvals from Canadian regulators for the public listing of its shares.

The Aussie firm approached the TMX-operated TSX Venture Exchange, which lists the stocks of early-stage and emerging companies. This listing is termed as the first for such payment processing companies.

The listing is expected to get the company a market capitalization of almost $50 million. Banxa was planning for the initial public offering (IPO) for months and raised around $5 million in two pre-IPO rounds.

“After almost six years in the blockchain industry, our goal remains the same; to champion a fairer, more open and secure financial system for the benefit of consumers and businesses alike,” Banxa Founder and Chairman, Domenic Carosa told the publication.

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“Our TSX listing which will make Banxa the first crypto Payment Service Provider (PSP) to be listed in the world, bringing well-needed transparency and governance to the crypto sector.”

The Perfect Time for an IPO

Founded in 2014, the Melbourne-based company offers fiat-cryptocurrency gateway, highly desired services by the digital currency exchanges and other platforms. Over the years, it has added many major clients, including crypto exchange giants, Binance and Huobi.

Moreover, the company received backing from OKGroup, a big name in the crypto industry, Alex Waislitz’s Thorney and Sydney-based fund manager, Alium Capital.

The young company is going public at a time when there is a boom in the IPO market, and the price of Bitcoin and other cryptocurrencies is rising, which increases the activity in the crypto trading market.

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