Will Startup Platform Banxe Truly Unite Crypto and Cash?

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A common pain point when people first get into crypto is the complexity involved in depositing fiat cash, buying coins and working out how to get a return on their assets if they’re planning to hodl for the long term.

Although exchanges such as Coinbase have made it pretty straight forward for complete novices to get involved in digital currencies, there’s still a large psychological barrier to get over because the platform feels so different to dealing with a traditional financial institution, such as a bank.

Step forward Banxe,a startup aiming to unite crypto and cash by allowing clients to seamlessly switch between digital currencies and fiat without having to navigate the complexities of cryptocurrency exchanges.

Banxe says the service it offers will enable anyone, no matter where they’re located geographically, to buy crypto, pay for goods, make investments and transfer between currencies.

Anthony DiMarsico, Banxe CEO, said: “We are changing the way traditional banking and crypto work together, offering a secure and innovative platform.

“Our focus on customer-driven solutions and flexibility allows us to provide products and services directly driven by the needs of our customers.

“With Banxe, you can get access to a better, smarter & faster financial future. And that future has come!”

The platform enables clients to earn a passive income of up to 56% APY using automatic staking with no lock in period.

It will also be offering a Banxe debit card alongside several other services, such as CopyTrade and Spot & Futures products in the future.

Is Banxe safe to use and legitimate?

If you’re wondering if Banxe is safe and legit, the answer is that it’s difficult to tell right now.

The company’s online footprint is virtually non-existent and press coverage is extremely limited, meaning the jury’s out on whether Banxe is reliable or even legitimate.

It does have a UK registered company address which appears to be a generic serviced office indicating this isn’t an HQ and there may not even be any staff based here.

However, on its website it states that it’s part of Tompay LTD, which is authorised by the UK Financial Conduct Authority as an Electronic Money Institute.

This doesn’t mean to say that your funds will be protect by the FCA guarantee covering traditional institutions – no crypto is – so if you do decide to join Banxe proceed with extreme caution.

Banxe’s aspirations sound very appealing, and if it delivers on its promises it could shake-up the crypto industry which is in desperate need of simplification and alignment with ‘traditional’ financial services to encourage widespread adoption.

Banxe crypto platform review

We’ll bring you a full review of Banxe in the coming months as more of the services are introduced and the platform moves out of the Beta testing phase, so watch this space!