WonderFi Technologies Inc. (OTC:WONDF) partnered with BANXA Holdings Inc. (OTC:BNXAF) to bolster its payment and banking offerings.
What Happened: Banxa, a British Columbia, Canada-based tech company, is expected to help WonderFi customers utilize local payment and banking options with less friction and fees.
For example, customers will be able to convert fiat into crypto, and vice versa, as well as have better fraud protection through Banxa’s rigorous compliance and risk management solutions.
“Thanks to our partnership with Banxa, WonderFi’s users can safely purchase crypto through the widest range of payment methods available,” WonderFi CEO Ben Samaroo said. “This added flexibility is another step in our mission to bring fair, efficient, and accessible finance to the masses.”
Why It Matters: WonderFi is mending the inequalities of current finance ecosystems through decentralized finance (DeFi), a technology that allows market participants to lend, borrow and swap smart contracts amongst each other.
“With regulatory interest in crypto rapidly increasing around the world, it is more important than ever for Web3 to embrace best-in-class compliance and risk management,” WonderFi investor and strategic advisor Kevin O’Leary said. “Our partnership with Banxa provides this assurance for our customers across the globe.”
