BitYard x Banxa AMA Recap from September 15, 2021
Today we are glad to tell you about the AMA session with our friends from Banxa, one of the biggest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. The AMA took place on September 15, 2021, our guest was Liam Bussell ( Head Corporate Communication & Investor Relation of Banxa).
The total reward pool was 100$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1: INTRODUCTION
Anna – BitYard: Hello, this is Anna from Bityard, so happy to see you here, today we will be going over bityard information and future plan as well as having a Q&A time with Banxa, let’s welcome LIAM BUSSELL!
Liam Bussell – Banxa: Hi Bityard folks! I’m Liam, Head of Communications at BANXA
Anna – BitYard: It’s a pleasure to be here with you for the AMA. let’s cut to the chase, please give a brief introduction about Banxa. Also, can you tell us more about the services and the mission of Banxa?
Liam Bussell – Banxa: Sure Anna, thanks very much for the question
Banxa Holdings Inc. (TSX-V:BNXA / OTCQX:BNXAF / FSE:AC00) – Banxa powers the world’s largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. Banxa’s mission and vision is to build the bridge that provides people in every part of the world access to a fairer and more equitable financial system. Banxa is headquartered in Melbourne, Australia, with European headquarters in Amsterdam, the Netherlands.
That’s the official line – TLDR – We help people buy and sell crypto using cash/credit cards and other payment methods
Anna – BitYard: And can you tell us that, what procedures or policies Banxa has been taking to meet the international financial regulations, in order to protect the rights of people who use Banxa services?
Liam Bussell – Banxa: Sure – there are a few parts to this question
Firstly, at Banxa, we comply with the regulations for each jurisdiction that we operate in. We have licenses and registrations in Australia, the EU through the Netherlands, Canada and via partners in the US. This is the first part.
Second, is our compliance and regulatory team, and our technology platform. Combined, we collect ID, check the ID is valid, dependent on jurisdiction, we may collect the source of funds. For more information around our compliance processes, you can go here
Anna – BitYard: And I want to know does Banxa currently have any financial licenses issued by international financial institutions? Or does Banxa work closely with any financial regulatory bodies?
Liam Bussell – Banxa: Thanks Anna. As I mentioned above, we hold licenses and registrations in the EU via the Netherlands, in Australia, and of course, we are a publicly traded company in Canada, so we have reporting and transparency requirements there. We actually have a great working relationship with both the regulator in Australia, industry bodies like Blockchain Australia, and with enforcement agencies like the Australian Federal Police (AFP)
Anna – BitYard: Next question, how many fiat money and cryptocurrency types are supported on Banxa?
Liam Bussell – Banxa: Great! Let’s get into the details!
We support a lot of coins and payment methods – in fact, we have the most payment methods in the industry. In terms of coins, we are adding new coins all the time. We added 17 new coins in August. To see the full list of coins and payment methods, go here.
– Payment Methods
Anna – BitYard: So what are the advantages of Banxa over other similar service providers?
Liam Bussell – Banxa: Hah! Youre trying to get me to talk about our competitors:)
Well, I wouldn’t really be able to comment on other companies’ services, but for Banxa, one of our real drivers is local payment methods. We are always actively in the process of acquiring more registrations market by market, which allows us to offer local payment methods, which work out cheaper for our users.
Also, we are the only PSP (Payment Service Provider) for the digital asset space that is a listed company, so we have to be transparent. Our financials, our ownership, our investors, like KuCoin and Ok Group, all of this is public information
So, TLDR – We aim to be the global/local payment provider
Anna – BitYard: Another question, besides BitYard, how many global crypto exchanges have partnerships with Banxa? Why did these companies choose to partner with Banxa?
Liam Bussell – Banxa: We are the fastest-growing public PSP for the digital asset space.
Banxa has over 65 partners, and we are growing all the time. We just recently added 2 at the same time as BitYard. Our goal is to have 120 in the next year, and double that the following year. We really see ourselves as a Reg-Tech (regulatory Technology) company, as what we do is ensure our partners, like BitYard can safely meet local regulations for their customers.
We do this by supporting local payments, checking KYC/AML and providing all that to BitYard and their users
Anna – BitYard : Wow this is our pleasure and what benefits will Banxa bring to BitYard users after the strategic partnership with BitYard?
Liam Bussell – Banxa: LOTS!
Well – the obvious one is greater access to purchase crypto safely and conveniently. I would also imagine that going forward us (BitYard and Banxa) will look at ways to offer promotions, new coins and services to your customers.
We are always improving our service and our offering, so keep an eye out for new offers!
Anna – BitYard: When BitYard users purchase cryptocurrencies using Banxa services, what procedures will Banxa take to ensure the safety of BitYard users’ assets?
Liam Bussell – Banxa: Well – We always ensure that your customers provide ID is valid, and we use the latest security and data protection, to protect them from fraud.
At Banxa, we don’t hold the customers assets – Once a purchase is made and the funds have arrived in our account, we dispatch the crypto to the users exchange wallet on BitYard. As always when working in crypto, ensure you provide the correct address for your purchase and never give away your password or private key.
Anna – BitYard: And I want to know Is Banxa planning to provide more new services or products in the future? What will the services or products be? Is Banxa going to support more types of fiat money or cryptocurrencies with its services?
Liam Bussell – Banxa: We are growing fast – and we are always looking to expand our offerings and improve our service. We recently improved the order flow for customers, and we have Sell functionality coming soon in some marketplaces.
We’ll inform both BitYard and your customers as new functionality or products become available.
Another area of real growth for us is around our compliance services – the REGTECH part I mentioned earlier – you may have seen that some big exchanges have had issues in some countries. By working with Banxa, we’d provide the services that would allow them to avoid these headaches.
Anna – BitYard: One last question!!! what is Banxa’s view on the future of cryptocurrencies?
Liam Bussell – Banxa: That’s a tough one…
I’m not sure of Banxa’s view – We are a big team, and we have different perspectives. However, generally, we believe digital cryptographic assets are the future.
It may be bitcoin and Ethereum, it may be an asset that we don’t know yet, but this is the future of the transmission of the value. This market will continue to grow and evolve.
If you ask my view – I think if you’re not in crypto at this point, you are crazy
I could go on and on…. but let’s not put everyone to sleep:)
Anna – BitYard: hahhahaaa good answer! The next part is our Q & A time! Today’s AMA comes to an end , thanks LIAM for coming to our community today❤️
Liam Bussell – Banxa: Thank you very much for the invitation – any time you have questions, just ask!
PART 2: QUESTIONS ABOUT BANXA
Q1 from Telegram User@X_GF_TUI
Can I buy your token now, and if so, which wallet do you support? Can you tell me about your team’s history? How will you and your team accomplish this project amid the current pandemic (COV-19)?
Liam Bussell – Banxa: Actually – you can use your exchange wallet at BitYard, or any standard crypto wallet (depending on the coin selected)
Q2 from Telegram User@KayeYi
Partners are very important for every project today, may I know which partners you have now? and which partners in the future you will be heading to?
Liam Bussell – Banxa: we currently have 60+ partners, BitYard being the most important . We also work with Binance, Ok, KuCoin, Changelly, Trezor and many others
Q3 from Telegram User@JUKER BOY
What do you think about Asia’s market? Is your team planning to reach other countries with potential crypto markets, and big teams and investors want to work and cash in on crypto??
Liam Bussell – Banxa: Last question from me – Actually we LOVE Asia! I was based in Asia for 15 years (HK, SG, CH) and Banxa has plenty of partners and customers in the region. I wish COVID was over so I could eat good street food in SG
PART 3: QUIZ AND INFO
As usual, for the third part, BitYard asked the chat 3 questions about Banxa. 100$ was distributed between the winners.
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