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    Street Talk

    Thorney, Alium-backed crypto payments biz ready for offshore listing

    Sarah Thompson, Anthony Macdonald and Tim Boyd
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    Home-grown cryptocurrency payments outfit Banxa is ready to take on Canada just in time for Christmas.

    Aussie crypto payments business Banxa is ready to list on the TSX Venture Exchange.  Bloomberg

    The six-year old business – which counts Alex Waislitz’s Thorney and Sydney-based fund manager Alium Capital as investors – received the green light from Canadian regulators earlier this month to list on the TSX Venture Exchange.

    The company is expected to hit the boards sometime around Christmas day, with a market capitalisation just shy of $50 million. Banxa raised around $5 million for its initial public offering, and has also undertaken two pre-IPO funding rounds in the past 18 months.

    Banxa is a regular currency to crypto gateway, which can be integrated into other crypto businesses to help customers switch between US dollars and Bitcoin, for example.

    It processes around $100 million in payments volumes each quarter and counts global crypto exchanges like Binance and Huobi as customers.

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    "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," founder and chairman Domenic Carosa told Street Talk on Monday.

    "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.”

    Carosa is also the chair of another of Banxa's big backers, venture capital fund Dominet Venture Partners.

    “Alium Capital has been a believer in the cryptocurrency thematic," Alium partner Rajeev Gupta said. "Bitcoin has been the logical avenue to play the theme, and Banxa is the vehicle we invested in."

    The TSX Venture Exchange is the little brother of the Toronto Stock Exchange and is a home for early stage/emerging companies.

    Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
    Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
    Tim Boyd is a journalist, based in Sydney, who writes for the Street Talk column. Connect with Tim on Twitter. Email Tim at tim.boyd@afr.com
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