Banxa Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF) (FSE:AC00) ("Banxa" or the "Company"), the leading Web3 payments and on/off ramp solutions provider, today issued an update on recent business and market activities.

Progress in U.S. market

• Banxa received approval for five additional U.S. State Money Transmitter Licenses (MTLs)
• Banxa now holds seven approved MTLs in the U.S. with 33 more MTL applications pending.

Banxa CEO Holger Arians said: "It's exciting to see our US endeavors progressing faster than anticipated. Having these MTLs solidifies Banxa's position in the largest crypto market along with the numerous commercial benefits it brings to our partners and us."

More key partnership wins

Banxa continues to prove itself as an essential piece of infrastructure in the digital assets ecosystem by partnering with a myriad of notable players in the space. Major recent partnership wins include:

• MARBLEX (Netmarble), one of South Korea's largest mobile-gaming companies, with gross revenues of more than US$2 billion in 2021
• dYdX, one of the largest decentralized exchanges (DEX) for cryptocurrencies with daily trading volumes of US$1 billion

About BANXA Holdings Inc.

Banxa's mission is to accelerate the world to Web3 with its leading global on-and-off ramp solution. Through its extensive network of local payment solutions paired with the required crypto licenses, Banxa gives its partners and projects access to global audiences with less friction and higher conversions. Banxa has a global team of Web3 natives - with operating headquarters in the USA, Europe and APAC regions. For further information go to www.banxa.com.

CONTACTS

Investors:
MZ North America
Brian M. Prenoveau, CFA
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561-489-5315

Media:
Wachsman
Ethan Lyle
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ON BEHALF OF THE BOARD OF DIRECTORS

Per: "DOMENIC CAROSA" https://twitter.com/dcarosa
Domenic Carosa = Chairman (1-888-218-6863)

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "could", "intend", "expect", "believe", "will", "projected", "estimated", or variations of such words.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to work effectively with strategic investors; and changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.