BitMart, a digital assets trading platform, has announced an expanded partnership with Banxa, a cryptocurrency payment infrastructure provider. This collaboration aims to further develop the ecosystem for BitMart’s native token, BMX.
The companies will be launching a new fiat-to-BMX purchase service for global users, as stated in a recent press release. This initiative is set to provide a more efficient and convenient BMX trading experience, ultimately increasing BMX’s liquidity.
This partnership builds upon the existing relationship between BitMart and Banxa, which was established in March 2023. Since then, BitMart has been able to leverage Banxa’s licensed and registered qualifications, as well as their diversified payment methods, to offer localized payment services globally. This allows users to acquire cryptocurrencies quickly, conveniently, and at a lower cost.
With the integration of Banxa, BitMart now offers users in 160 countries and regions the ability to purchase BMX and 150 other cryptocurrencies using over 30 fiat currencies. The new service launched through this partnership allows BitMart users to easily exchange fiat currency for BMX, enabling them to gain transaction fee discounts and participate in various activities on the platform.
Currently, over 800,000 users on the BitMart platform hold BMX. The launch of the seamless BMX purchase service through Banxa marks a significant step forward for the BMX ecosystem, as it continues to expand its token liquidity and play a central role in the platform’s infrastructure, including wallets and DEXs.
According to PYMNTS’ Provider Ranking of Cryptocurrency Apps, BitMart was ranked ninth as of January 31. This ranking considers factors such as downloads and monthly average users. At that time, BitMart’s app had a score of 50 out of 100, representing a three-point increase from the previous edition.
Banxa, known as a gateway into and out of Web3, also focuses on fighting fraud in the conversion of fiat currency to cryptocurrency. In an interview with PYMNTS, Banxa Holdings CEO Holger Arians explained how their platform aims to prevent fraud at the intersection between the real world and the digital asset world.