Hello friends, I’m Duy; Strategic Partnership Manager at Banxa.com. I am currently using AAVE in lieu of a bank for all my savings and borrowing requirements and absolutely love the protocol from a personal standpoint, especially on the Polygon network.
Banxa (TSXV: BNXA) is the world’s leading fiat <> crypto gateway with the highest conversion rates and most payment methods in the industry. Banxa is the leading publicly listed payments and compliance company for the digital assets space. Our vision and mission are to build the bridge that provides people in every part of the world access to a fairer and more equitable financial system, and we’d love to work with AAVE
Our goal is to support Aave to be the one-stop-shop for all financial services requirements, essentially replacing banks. Banxa allows users to buy and sell cryptocurrencies across multiple blockchains using the widest range of fiat currencies and payment methods:
Banxa will currently offer and will offer the following networks by the end of 2021:
Currently Available Blockchains
Ethereum ERC-20
By End of October 2021
Polygon
Binance Smart Chain
By end of 2021
Avalanche
Harmony One
Plus many more to come including but not limited to Polkadot, Klaytn Chain and Solana on our roadmap.
Banxa has processed over $1B+ in volume since inception in 2018, with $700 mn processed in the past year.
Given that AAVE already supports Ethereum, Polygon and Avalanche with intentions to become a multichain money market protocol, Banxa wants to be the one-stop-shop to allow users to get in and out of fiat.
Banxa has the following payment methods
MasterCard, Visa and ApplePay
Local bank wire/transfers across
Australia (PAYID)
Europe (SEPA)
UK (Faster Payment)
USA (US-Bank Wire)
Canada (Interac)
South-East Asia (multiple payment methods to be released 2022)
Latin America (TBA)
Banxa also has sell (off-ramp) across these currencies
AUD
GBP
EURO
Coming soon
Canada (November 2021)
USD (By end of 2021)
And many more on our roadmap to come…
Banxa Key Partners
Major CEX’s
Binance
KuCoin
OKex
DeFi Non-Custodial: Bancor
Hardware Wallets: Trezor Wallet
Many more in the pipeline are yet to be announced
Marketing Opportunities
Opportunity for Joint Press Release with support from our CMO (ex-RockStar Games)
Other considerations
Integration will be simply done via an API-redirect on the ‘deposit’ page, user’s MetaMask wallet will automatically be pre-filled when using Banxa. Support for other wallets to come in 2022.
@duyccao welcome, it was interesting reading more about Banxa.
It seems to fill a market gap in terms of on ramping more users to crypto and doing so with chain-specific solutions. Glad to see you are traded publicly on the TSX as well.
I notice you included the chains Banxa currently supports, (and intends to) however did not include the range of assets supported on these chains. Is it an exhaustive list or limited to say, only stable coins?
On the ETH chain it is my belief that tokens such as USDC, USDT, and DAI are the best way to onramp users to more a crypto-native and defi experience.
As you add support for more EVM chains and new ecosystems such as Solana and Polkadot do you intend on offering a bridge for users? If so it will become a gas intensive process moving the assets off of the platform, to a third party bridge, into Aave. By offering a bridge it would create product stickiness and allow for greater participation across the Aave protocol.
Besides your product - how does the seem to benefit Aave? As displayed in the https://governance.aave.com/t/aave-september-21-financial-report/5890 revenues have been growing and seem to do so with added support of other chains. More liquidity does not seem to be an issue for Aave.
In my opinion, the off-ramp solutions offered via Banxa are more interesting. How do we use this technology to incentivize a more diverse set of users?
Look forward to seeing Banxa help navigate more users to protocols like Aave.
As you add support for more EVM chains and new ecosystems such as Solana and Polkadot do you intend on offering a bridge for users? - The assets will be deployed directly on the appropriate chains and users would be able to select which chain they want e.g. USDC on ERC20 or Polygon etc.
Besides your product - how does the seem to benefit Aave? - it will benefit AAVE by allowing more users that are non-crypto natives to replace their bank directly from AAVE without having to go through another exchange first. This is a critical component in the user journey
In my opinion, the off-ramp solutions offered via Banxa are more interesting. How do we use this technology to incentivize a more diverse set of users? The key thing about our proposal is that we want users to get in and out of fiat with AAVE directly without having to go anywhere else, this ties back to the stickiness factor that you referred to earlier
