- Banxa has just announced its maiden adjusted EBITDA profit since listing.
- Its EBITDA for Q1 2021 is AUD $1 Million, up from a negative AUD $0.5M in 2020.
- The payment service provider also saw a 1,479 increase in revenue.
Payment Service Provider Banxa has just announced its maiden adjusted EBITDA profit since listing. The company was initially listed publicly on January 6th, 2021. It is the first publicly traded PSP serving the digital asset industry.
The fact that interest in cryptocurrencies strengthens with volatile markets fuels the company’s business model. As individuals and institutions trade, transaction volumes for the company increase and pushes revenue growth.
Banxa’s Chairman and founder Domenic Carosa stated,
“I am pleased to see the financial performance of the business improving across all key metrics. I am confident that moving forward we will continue to demonstrate to our loyal stakeholders that we are steadfast in our mission to build the bridge between the existing financial systems and the emerging, expanding digital asset world.”
As per its current announcement, the company’s EBITDA for Q1 2021 is AUD $1 Million. This, compared to a negative EBITDA of AUD $0.5 Million for the same period last year, shows monumental growth. It also recorded a 1,479% increase in revenue in comparison with Q1 2020.
Banxa CEO Holger Arians said “We are very happy to announce these results. Over the previous three months, we have been focused on improving the service and experience for our customers and expanding our capacity to service the rapidly growing demand. The industry is maturing, with greater infrastructure and interest. Our aim is to be at the forefront of this new stage of development.”
“The industry is maturing, with greater infrastructure and interest. Our aim is to be at the forefront of this new stage of development.”This article was first published on coinquora.com