Primer & Banxa unite to boost global crypto adoption

Primer, a unified infrastructure for global payments and commerce, has announced a strategic partnership with Banxa, a top-tier crypto infrastructure provider. The partnership aims to dismantle obstacles hindering the adoption of cryptocurrency and was announced during the recent Money20/20 Asia event held in Bangkok.

Banxa holds a significant market share in fiat-to-crypto conversions and supports centralised and decentralised exchanges such as Trust Wallet, Metamask, and Bitcoin.com. Such alliances help to foster the crypto and web3 ecosystem's growth.

Joining forces with Primer will allow Banxa to combine payment services. This consolidation will generate unique insights and optimise performance. By leveraging Primer's infrastructure, Banxa gains access to new and backup payment services globally and introduces a resilience factor when it comes to recovering failed payments.

The announcement came amidst Southeast Asia's rising stature as a global cryptocurrency hub. According to the 2023 Global Crypto Adoption Index, Southeast Asia has the highest rate of cryptocurrency adoption worldwide. Countries such as Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam have witnessed a substantial uptake in crypto use and acceptance over the past few years.

Greg Rikkhachai, Head of Payments at Banxa, spoke positively about the partnership, stating, "The results have been immediate and overwhelmingly positive, and our customers have taken notice as well. We can see the value this partnership is delivering through higher authorisation rates, a wider choice of payment methods and the ability to optimise the cost of managing payments. Collaborating with Primer provides us with a comprehensive solution, flexibility for customisation, and room for innovation."

Kailash Madan, Head of Global Sales at Primer, reinforced the sentiment, stating, "In recent years, Asia Pacific has emerged as a dynamic hub for crypto and Web3 adoption. Banxa's infrastructure has been a critical enabler of this growth, and we are honoured they have chosen to partner with Primer to further enhance accessibility to crypto payments in the region. We're excited to innovate and contribute to a seamless and hyper-digital commerce landscape together."

As the global landscape of payments and commerce continues to evolve, the strategic partnership between Primer and Banxa represents a significant milestone in the journey towards widespread cryptocurrency adoption. With Southeast Asia emerging as a prominent hub for crypto and Web3 innovation, this alliance is poised to further accelerate the region's growth trajectory. By leveraging Primer's robust infrastructure and Banxa's expertise in fiat-to-crypto conversions, the partnership aims to dismantle barriers and drive seamless, hyper-digital commerce experiences. As both companies remain committed to innovation and collaboration, we can anticipate further advancements that will shape the future of global payments and commerce.