Banxa, an established payment service provider (PSP) for the crypto-asset sector, has reportedly integrated its crypto-to-fiat gateway with Bancor, a liquidity protocol enabling automated cross-chain swaps and liquidity provision to various digital tokens.
As mentioned in a release shared with Crowdfund Insider:
“As institutions enter the game and crypto begins to mesh with the broader world of finance, the need for liquidity in crypto investment and trading becomes more urgent. It shouldn’t take an hour and a PhD to set up a wallet, buy crypto, trade it, and convert back into fiat. Now Banxa and Bancor are working together to make crypto investment more seamless.”
The announcement further noted that the integration of Banxa’s crypto-to-fiat bridge will aim to empower Bancor clients to buy crypto-assets via the Bancor Network interface with fiat currencies, without being required to convert their fiat holdings into dollar-backed stablecoins, Bitcoin (BTC), or Ethereum (ETH). Crypto-assets directly available via the Bancor Network reportedly include BTC, Bitcoin SV (BSV), Chainlink (LINK), ETH, Litecoin (LTC), Tether (USDT), Binance USD (BUSD) and stablecoin USDC.
As noted in the release:
“Banxa is a payment-service provider and processor for digital assets partnering with different cryptocurrency exchanges, wallets, and decentralized finance (DeFi) platforms to enable their customerabes to purchase digital assets via multiple payment methods such as credit/debit card, Apple Pay, or bank transfer. Banxa has served crypto companies since 2014 and is listed on the Toronto Stock Exchange.”
Bancor, the crypto liquidity provider, is credited with inventing automated-market makers (AMMs) on the blockchain back in 2017, developing its decentralized exchange (DEX) into one of the most widely-used decentralized finance (DeFi) initiatives. Clients may trade crypto tokens and earn interest by “placing them on Bancor’s decentralized exchange.”
Domenic Carosa, Chairperson and Founder of Banxa, stated:
“As the market continues its record-breaking bull run, we are proud to have our technology integrated with a project like Bancor. Bancor Network provides a smooth, user-friendly interface for non-custodial trading of thousands of cryptocurrency pairs, and this integration enables easier onboarding for users who wish to transact from fiat currencies into their favorite tokens.”
Nate Hindman, Head of Growth at Bancor, remarked:
“We are really happy to be working with Banxa, who is a key player in the fiat-to-crypto bridge space. By partnering with Banxa, our existing users can simply and easily boost their positions. We are empowering a new generation of crypto users to enter the ecosystem.”