Digital assets trading platform BitMart has deepened its collaboration with cryptocurrency payment infrastructure provider Banxa to build the ecosystem for BMX, BitMart’s native token.
Together, BitMart and Banxa will launch a fiat-to-BMX purchase service for its global users, the companies said in a Tuesday (April 2) press release.
“This initiative is designed to provide a more efficient and convenient BMX trading service for users and is set to expand BMX’s liquidity further,” the release said.
With this project, the companies are building upon the relationship they established in March 2023, according to the release.
Since that time, BitMart has leveraged Banxa’s licensed, registered qualifications and diversified payment methodology to offer localized payment services globally, the release said. That capability allows users to acquire cryptocurrencies conveniently, rapidly and at lower cost.
The integration of Banxa allows BitMart to enable users in 160 countries and regions to purchase BMX and 150 other cryptocurrencies using more than 30 fiat currencies, per the release.
With the launch of the new service enabled by the expanded partnership, BitMart users can more conveniently exchange fiat currency for BMX, according to the release. Holders of BMX can gain transaction fee discounts on BitMart’s platform and participate in other activities on that platform.
More than 800,000 users of the BitMart platform currently hold BMX, per the release.
“With the launch of the seamless BMX purchase service via Banxa, the BMX ecosystem has taken another significant step forward,” the release said. “BMX, as BitMart’s native token, is progressively expanding its token liquidity and playing a more central role in the ecosystem’s infrastructure, including wallets and DEXs.”
BitMart was ranked ninth as of Jan. 31 in PYMNTS’ Provider Ranking of Cryptocurrency Apps, which ranks these apps based on downloads, monthly average users and other factors.
At that time, BitMart’s app had a score of 50 points on the ranking’s 100-point scale, having gained three points since the previous edition.
Banxa, which serves as a gateway into and out of Web3, fights the fraud that can happen when converting fiat currency to cryptocurrency, Banxa Holdings CEO Holger Arians told PYMNTS in an interview posted in June 2022.
“Those gateways, those intersections between the real world and the digital asset world, that is where we can really fight fraud,” Arians said.