Q1 2022 Banxa Holdings Inc Earnings Call

May 31, 2022

Speaker 1: Okay, 30 more.

Yeah.

Okay.

Okay 30 more seconds.

Okay.

Two one.

Okay.

Speaker 2: Good morning, good morning, everyone, and welcome to the banks are holding earnings webinar with me. My name is Dominic Crozer, founder and chairman of banks are with me today. I have Holger audience out CEO .

Good morning, Good morning, everyone and welcome to the bank saw.

Holdings earnings Webinar.

With me to my name is Dominic Crusher.

Founder and chairman and thanks, Sean.

With me today, I have Bob Hogan audience out say E R.

Speaker 2: and Sian DOL CFO .

And Schon Dr Al C F R.

Speaker 2: What we'd like to do today is take you through, because I know there's a few newbies on this webinar, we'd like to take you through just a quick overview of BankStyle, talk about some of the product updates.

What we'd like to do today is tie chewed through because I know, there's a huge new visa on this webinar, we'd like to take you through just a quick overview of banks shop.

Talk about some of the product updates.

Speaker 2: and some of the new revenue streams we're working on. And then after that, Sharm will take us through the numbers in a high level of detail. As I mentioned, if you have questions, feel free to basically ask questions. There's a Q&A box or a chat box on the Zoom platform.

And some of the new revenue streams are working on and then after that that Shah who'll take us through the numbers in a high level of detail.

As I mentioned, if you have questions feel free to basically ask questions via the Q&A box or a checkbox on now on the JD platform.

Speaker 2: Really, without further to do, just to sort of give a sense of banks and why we're here, and maybe just to take a step back before we talk about it. What we've really seen over the last 10 or so years is really a growth in the digital asset space. When we first started, there were really only a handful of coins, and it was really the early, early adopters getting involved in the space.

Really weak without finish to do just to sort of Yankee machine. So shy banks are in and Huawei here and maybe just to take a step back before we talk about it what we've really seen over the last chat channel Sayiid Israeli at our growth in the digital access, but I said space.

When he first started they were really only a handful of of coins in and it was really the early early adopters by getting out involved in the space and what we'd really starting to say now is the whole industry is moving from the early adopter market to really Bang mass market and we'll talk much more about web three and some of the near utility around here.

Speaker 2: And what we're really starting to see now is the whole industry is moving from the early adopter market to really being mass market. And we'll talk much more about Web3 and some of the utility around metaverse and gaming.

<unk> and gaming if.

Speaker 2: If you were to put banks in a box, the best way to really look at what we do is we're like the PayPal of the crypto industry and what we're doing is building a bridge.

If you were to put bank sort of box the best way to really look at what we do is we like the Paypal of the crypto industry and what we're doing is building a bridge between the Fiat World when I cite fade I mean U S Euro Canadian dollar World and the digital asset will mainly be coin a theory man in the hundreds and thousands of other coins.

Speaker 2: between the fiat world, when I say fiat I mean US, Euro, Canadian dollar world and the digital asset world, meaning Bitcoin, Ethereum and the hundreds and thousands of other coins out there. We're really the infrastructure that connects the two.

Outdated.

We're really the infrastructure that connects the two.

Speaker 2: Our business model is B2B focused. We are listed on the TSX-B with code BNXA and on the OCCQX code BNXAF. Today we've got a market cap of around 70 million Canadian or just over 50 million US and our TTM is roughly 52 million. So we're trading at about one times revenue at the moment.

Our business model is beta based Rguest, we enlisted on the T X Ray with card base and eggs I and on the I T Z <unk> could be an X I am.

To date, we've got a market cap of around 70 million Canadian Ola just just over 50 million U S and our T T M.

Is that roughly 52 million. So we're trading at about one times revenue at the moment.

Speaker 2: and cash and cash equivalents about $14.2 million. I know there'll be some questions around that as well. And insiders are very much aligned, holding about 20% of the company.

And our cash and cash equivalents about 14th.2 million in Iowa, there'll be some questions around that as well.

And inside of that are very much aligned holding about 20% of the company.

Speaker 2: In terms of our mission, our mission ultimately is to onboard the next billion people to crypto and really by providing that infrastructure that connects the existing world where most people exist in to the digital asset world and I know Holger is going to touch much more around some of the Web3 opportunities that we see in space.

In terms of that mission our mission ultimately is to onboard the next billing people to crypto and <unk> and really by providing that infrastructure that connects feet existing well when most people existing to the digital asset well then in another hog is going to touch much more earth.

Round some of the web three opportunities that we see in space.

Speaker 2: And banks are really sits, in my view, at a really interesting juncture that connects

And banks are really shapes in my view at a really interesting juncture that clinics are not only centralized exchanges and banks and fintech, but more importantly, the big growth that we're now starting to see in Bonn vertical such as day, five and if toews, our gaming and the net average I E.

Speaker 2: not only centralised exchanges and banks and fintechs.

Speaker 2: but more importantly, the big growth that we're now starting to see in verticals such as D5, NFTs, gaming and the metaverse.

Speaker 2: It's a big new area. Frankly, in my view, this whole new Web3 space is much larger than the existing traditional web space.

It's a big new area frankly in my view each at this whole new wave three spicy is much larger than the existing traditional.

Speaker 2: you know, centralized exchange and I'm going to call it the standard coins, you know, the Bitcoin and Ethereum world, where there's much more utility, much more usage around NFTs and gaming and DeFi.

Yeah centralized exchange in and I'm going to call. It that the standard coin here, the bitcoin and Ethereum World, where there is much more utility much more usage around an occasion gaming and day five.

<unk> over to you.

Speaker 3: Thank you very much, Dom. Hi, everyone, I'm Paul Gavr, the CEO of Bangsa. I just want to go to the next level of detail of what we're actually doing and how we're doing it. So, like Dom mentioned, we are onboarding the masses to cryptocurrency. We do that by providing them a familiar payment option to convert their local currency.

Thanks, very much Tom.

Hi, everyone a plug other CEO . Thanks.

I just want to go to the <unk>.

Next level of detail of actually doing and how we're doing it says like Dawn mentioned, we are onboarding and the masses to cryptocurrency, we do that by providing them.

A familiar payment option to convert their local currency into crypto currency and today, we are offering the vast majority of cryptocurrency and blockchain.

Speaker 3: into cryptocurrency and today we're offering the vast majority of cryptocurrencies and blockchain.

Speaker 3: And we do that so that there is a safe onboarding experience through a local trusted payment option.

And we do that so that there.

There is a safe onboarding experience through a local trusted payment option.

Speaker 3: And we are taking care of all the regulation behind it.

And we have taken care of all the regulation behind it are the <unk>.

Speaker 3: of the banking infrastructure that requires do so. We're taking care of all the fraud and charge banks.

<unk> infrastructure, that's required to do so we're taking care of all the broad and charge backs. So that people can onboard safely that can get that crypto currency.

Speaker 3: so that people can onboard safely, they can get their cryptocurrency, and then they can do whatever they want to do in the crypto world with those digital assets.

And then they can do whatever they want to do in the crypto world with those digital assets, we do that through a model, which is b to b to C. Like Dan mentioned, we are integrating with major exchanges on attachments Yosemite. What's next slides that we partner with dose exchanges because of those exchanges don't really want to deal with.

Speaker 3: We do that through model, which is B2B to see, like Dom mentioned, we are integrating with major exchanges, and I'm gonna touch on a few of them in one of the next slides, but we partner with those exchanges, because those exchanges don't really want to...

Speaker 3: There was anything in the old world, which is the whole banking infrastructure regulation. The moment you touch anything in the fiat world, you really have to have those relationships. You have to have those licenses in various different countries. You have to have the local payment rail.

Anything in the old World, which is the whole banking infrastructure regulation the moment you Ian.

Touch anything in the field wells, you really have to hand, and those relationships you have to have those licenses in various different countries. You have to have the local payment trailers, that's what banks with US we do the end to end process, followed the users our partners and their 100 million users in one of our partners and so we take care of this.

Speaker 3: That's what banks are doing. We do the end-to-end process for the users of our partners. And there are a hundred million users in all of our partners. So we take care of this old world connecting with the new world. We're building this bridge. We're taking all the aesthetics away from our partners so that they can innovate in the new world on the blockchain. Go to the next.

12th connect them with the new Wells, we're building this bridge.

Taking all these headaches away from our partners so that they can innovate in the new world on the blockchain.

Go to the next slide please.

Speaker 3: I mentioned the local payments and they're important. Obviously we do have local payments that the known credit cards and Apple Pay Google Pay and we reach over 100 people and over 100 countries through that. But why are we going into those local payments, into those different geographies? Why is that part of our state?

I mentioned, the local payments and they're important obviously, we do have global payments that the known or credit cards, and Apple pay Google pay.

And we reach over 100 people in over 100 countries through that of why are we going into those local payment into those those different geographies by said part of our strategy because local payment a much more trusted that cheaper than credit cards.

Speaker 3: because local payments are much more trusted, that cheaper than credit cards. They have much higher conversion rates. A bank transfer often goes through by a credit card transaction, especially in a high risk merchant category, doesn't always go through. And you can make much larger transactions. And since we're also off boarding users, people that want to convert their crypto back into a fiat currency, we can send that to their bank account.

They have much higher conversion rate a bank transfer often go through.

Violet credit card and transaction, especially in a high risk metric category doesn't always go through and.

And you can make much larger transactions and since we're also off boarding of users people that wanted to convert their crypto back into our peer currencies, we can send it to their bank account.

Speaker 3: And to do that, we have those local embankment methods, which require a lot of ground work, literally people on the ground, as I mentioned, there are quiet licenses and regulations, the banking infrastructure, the transaction monitoring and report.

And to do that we have of the payment method, which require a lot of golf with literal.

Literally people on the ground as.

As I mentioned, the required licenses and regulations and the banking infrastructure.

The transaction monitoring and reporting and so on.

Speaker 3: And on this slide, you can just see that we are going global. We are already global. We're pushing forward with our geo expansion, which is recently launched and picks, which is a bank transfer in Brazil, and that over 100 million people are using. And we're coming out with Turkey very soon as well. And just continuing to offer new geographies to our partners so that they can onboard users locally. Next slide please.

And on this slide you can just see that we are.

Going global.

<unk> already global we are pushing forward with our Geo expansion, which just recently launched and picks which is bank transfer in Brazil and in over 100 million people are using our.

And we're coming out with in Turkey, very soon as well.

And just continuing to offer new geographies to our partners. So that they can onboard gives us locally.

Next slide please them.

Speaker 3: Don't touch already on on Web 3. Today, many of our partners are centralized exchanges that we have seen over the last.

And Dom touched already on web three today.

Many of our partners.

At centralizing changes that we've seen over the last.

Speaker 3: six months of shift to Web3 decentralized platforms that defy that NFT that's going into gaming, which is going to be huge as well. We really believe we are today whether internet was in 1995, the best is yet to come and we're just scratching the surface. Those partners are really the who is who of the digital asset base and they trust us, they want to work with us because of the value we provide to them. Next.

Six months, a shift to M web three decentralized platform.

That's defined them and F T and that's going into gaming, which is going to be huge as well and we really believe that we are today, where the internet was a 1995. The best is yet to come and we're just scratching the surface and those partners are really at the who is who of the depreciable asset base.

And they trust us and want to work with us because of the value we provide to them.

Next slide please.

Speaker 3: This very high level, a couple of recent product highlights, I think really important, the NFT checkout, which we're now offering to many of those NFT marketplaces. And today NFT marketplaces, our NFTs in general, are mostly connected to or related to art and collectibles. But eventually we do believe that there is a massive opportunity in gaming, there is an opportunity.

Just very high level, a couple of recent product highlights something really important to NFC checkout, which we're now offering too many of those and F. T marketplaces and today in a key market places are N F T. As in general are mostly connected to.

And a related to art and collectibles, but eventually we do believe that there is a massive opportunity in gaming and there is an opportunity in and.

Speaker 3: around the tokenization of many, many things we know from the real world. And what we provide to those platforms is that we just offer their users a direct purchase of an NFT, whatever that is, if it's an in-game asset or a JPEG file.

Around the <unk>.

Many many things we know how the real world.

If we provide to those platform instead, we just offer that uses a direct purchase of an entity whatever that is if it's an in game message or a type of trial.

Speaker 3: with a bank transfer or credit card payment.

With our banks answer all credit card payment and so bad.

Users can.

Without all the techniques technical expertise and directly by an NFC and I think that is a major step towards mass adoption.

With love Sip of that with a launch partner, we're going to be at a number of conferences in the U S over the coming weeks.

To showcase our product.

Speaker 3: The other really important point here is a product we're offering is the stablecoin offer ramping.

The other really important point here is.

Our product we are where our offering is the stable coin are preventing especially in markets, where the prices are dropping people or sell.

Speaker 3: especially in markets where the prices are dropping. People are selling their digital assets again. Our partners have asked on offering solution as well.

Selling that digital assets and again at our positive have asthma of ramping solution as well so that our own bad uses rather Ken and whenever they want to go in crypto that can use bankstown and when they want a test in again into the third world that can do that through our on and off renting solution as well.

Speaker 3: So that our, or their users rather can, whenever they want to go in crypto, they can use bank, and when they want to cash in again into the field world, they can do that through our offering solution as well. And again, that's where the local bank account and entities and licenses come in. We are from the competitive landscape, the only one that has this breach in terms of geographies, this local bank account.

And again, that's where the local bank accounts some entities of licenses come in.

We are having problems and the competitive landscape the only ones that have this breach in terms of geographies with local and.

And bank accounts have bank accounts.

Speaker 3: The last point you're corporate onboarding means that banks are also able to onboard companies. If your company, your family trust, your family of the same institution wants to buy cryptocurrency, smaller large amounts, banks are can do that. We know from a number of our partners that they have large amount of trading volumes from corporate

The last project corporate Onboarding means better.

Bank is also able to onboard companies if your company and your family Trust Your family office or institution once Dubai cryptocurrency.

Smaller large amounts of banks that can do that and we know from a number of our partners that day.

I have a large amount of trading volumes from corporate customers say that it's going to be a major differentiator and for us to be able to offer the onboarding of those entities and do the required checks.

Speaker 3: So that is going to be a major differentiator for us to be able to offer the onboarding of those entities and do the required checks. And just add a lot more volume because these are usually big ticket items. And let's.

And just.

Just at a lot more volume because these are usually big ticket items.

Next slide please them.

Speaker 3: Going forward or what we're really already doing is really the geo expansion, pushing into more market, currently a big push into Asia.

Going forward, albeit really already doing it's really the geo expansion putting into more market and currently a big push into Asia.

Speaker 3: We're going to get new licenses and registrations around the world. Obviously we're so local offering. We do have we're pushing hard into other segments of the market. So far I mentioned centralized exchanges are going to game in certainly NFT marketplaces and a lot more that's going to come. Again, we're just scratching the surface of massive, massive market.

We got to get new licenses and registrations around the world obviously with those local offering speak we do have we are pushing hard into.

Other segment of the market so far in machine centralized exchanges succumbed gaming suddenly.

NFC market places and a lot more of that going to come again with just scratching the surface of a massive massive market.

Speaker 3: So I'm very excited about how far we got, how agile we are, how fast we are in delivering and adapting and growing with a growing market.

I'm very excited about how far we got how agile we are how fast we are in delivering end.

Ducting and growing with a growing market.

Speaker 3: And just very, very confident, although we've seen crypto prices a little bit...

And.

Just very very confident although we've seen crypto prices.

A little bit.

Speaker 3: under pressure this year. I just see so many people building so many great things coming out. NFTs are really going to get us to the next thing. And I'm just very excited about this space and our business.

Under pressure this year I just see so many people building so many great things coming out.

N F Ts are really going to get us to the next thing.

And I'm.

I'm just very excited about the space in our business.

Speaker 3: With that, over to you, Sean, for an overview of our financial.

With that over to you shop floor.

And it will be about financials.

Speaker 4: Great, thank you, Holger. And I'm delighted to be here today to speak to you about banks' much quarter financial results. To begin with, I think...

Great. Thank you Hogan and and I'm delighted to be here today to speak to you about banks's March quarter financial results.

To begin with I think.

Speaker 4: We want to talk about really the top line performance and the charts here represent that. It looks at the total transaction volume, TTC and revenue. And I think the team has maintained a strong focus on strategy and execution, which both Dom and Hold have alluded to already achieve some of these financial outcomes despite the subdued nature of the current market conditions.

We want to talk about really the topline performance and in the charts here represent that.

At the total transaction volume T T J and revenue and I think the team has maintained a strong focus on strategy and its execution, which quite dominant hold I've alluded to already to achieve some of these financial outcome. Despite the subdued nature of the current market conditions.

Speaker 4: Banks of TTV remains highly correlated with the market volume. And with regards to that, we can immediately look at the March quarter results. And taking that into account, despite the reduction compared to the December quarter, I think it's worth noting that this is the second highest quarterly result in the history of banks' trading at $357 million.

Banks with T. T V remains highly correlated with the market volume.

And in with regards to that we can immediately look at the March quarter.

The.

Results are and taking that into account despite the reduction compared to the December quarter, I think it's worth noting that this is the second highest quarterly result in the history of banks is trading at $357 million.

Speaker 4: That then positively translates into the chart on the right hand side, which looks at the year-to-date revenue at 57 million, or approximately 25% on financially at 21. And with the remainder of the financially yet to be played out, we're positive in expanding that revenue base further in the coming three months. Moving.

Has that been positively translating to the chart on the right hand side, which looks at the year to date revenue at $57 million or approximately 25% on financial year 'twenty one.

And with the remainder of the financial yet to be played out with positive and in expanding that revenue base further in the coming three months.

Moving onto the financial highlights.

Speaker 4: Looking at this, the year-to-date TTV at 1.2 billion and this represents a 200% growth period on period. Our liquid assets are 19 million. It comprises of cash deposits and digital assets that we hold with various exchanges, et cetera, to fulfill our equity needs.

Looking at this the year to date T T V at 1.2 billion.

And this represents a 200% growth period on period.

Our liquid assets on 19 million comprises of cash deposits and digital assets that we hold with various exchanges et cetera to fulfill out of liquidity needs.

Speaker 4: And finally on this slide, the statutory loss of 8.5 million. This includes a number of cash items, but it's largely comprising of some of the factors that the bank has continued to invest into the business by way of product and technology and talent, which was mentioned earlier. And all of these elements combined together will help and support strategy execution in the existing period as always in the future period.

And finally on this slide the statutory loss of $8 5 million. This includes a number of cash items, but it's largely comprising of some of the factors that.

Continued banks has continued to invest into the business by way of product and technology and talent, which which was mentioned earlier and all of these elements combined together will help and support the strategy execution in.

In the existing period as well as in the future period.

Speaker 4: So moving forward, I wanted to take the audience through the financial, the key financial statements, commencing with the profit and loss.

So moving forward I wanted to take the audience through the financial key financial statements commencing with the profit and loss.

Speaker 4: And looking at the profit and loss, I really want to talk to this with regards to performance and what it's underpinning some of these performance metrics.

And looking at the profit and loss at really wanted to talk to Mr. With regards to performance.

And what is underpinning some of these performance metrics.

Speaker 4: So TTV, as we mentioned earlier, has continued to expand even in this subdued market condition. And this is largely driven by our partners and our partner conversion and user-based expansion.

So T T V. As we mentioned earlier has continued to expand even in this.

Our subdued market conditions, and this is largely driven by our partners and our partner conversion and user base expansion.

Speaker 4: This then translates into our gross take rate. And the gross take rate is really just expressing the revenue as a percentage of our transaction volume. And if you look on the table on the right-hand side in the red outline, the gross take rate for year-to-date has held steady at 4.7 compared to prior quarter.

Which then translates into our gross take rate and the gross take rate is really just expressing the revenue as a percentage of our transaction volume and if you look on the table on the right hand side in the Red outline the gross take rate for year to date has held steady at $4 seven compared to prior quarter.

Speaker 4: It's worth noting at this point that the comparative of 7.2 includes a principal revenue mix.

It's worth noting at this point, but the comparative of 7.2 includes a principal revenue mix change.

Speaker 4: change and various non-recurring items, which once a just an anomalies will baseline back to comparative periods.

And various nonrecurring items, which once adjusted or normalized will baseline back two comparative periods.

Speaker 4: and from background perspective, principal revenue, banks are maintained for principal versus agency money.

And from a background perspective principal revenue banks and maintains a principal versus agency mix are the principal revenue is where banks are holds ownership of the coin is recognizes the revenue on a gross basis. In contrast to agency, where banks appeal is deemed to be providing a service and as such our sales.

Speaker 4: The principle revenue is where banks are holds ownership of the coin is recognizes the revenue on a gross basis in contrast to agency where banks appear is being to be providing a service and as such our sales are recognized on a net basis of spread and various other factors that make up our revenue component.

I recognize on a net basis of spread and various other factors that make up that revenue component.

Speaker 4: That said, moving on to the net take rate, which is expressed in terms of gross profit as a percentage of TTV. Again, this has remained considerably steady at 1.9%. But that said, I think the focus for the business remains on cost optimization within this category and thus leading to margin and has been cognizant of the current market condition.

That said moving on to the net take rate, which is expressed in terms of gross profit as a percentage of T. T V.

Again this has remained considerably steady at 1.9%.

But that said I think the focus for the business remains on.

Cost optimization within this category and thus leading to margin enhancement, particularly.

Being cognizant of the current market condition.

Okay.

Speaker 4: Operating overheads by way of operating expense has continued to expand and it's in a year to date at the 25 million and large component of this is driven by the headcount expansion that banks has been able to achieve in a very short period of time. Now that said, I think it's worth taking a step back and looking at operating expense as a steady state as a when express as a percentage of our transaction volume and we've always held a benchmark of roughly about 2% of transaction volume.

Operating overheads by way of operating expense has continued to expand and it had been year to date at the $25 million and large component of this is driven by the headcount expansion that banks has been able to achieve in a very short period of time.

Now that said I think its worth taking a step back and looking at operating expense as a steady state.

As when expressed as a percentage of our transaction volume and we've always held the benchmark of roughly about 2% of transaction volume.

Speaker 4: And finally, the adjusted A bit are lost of 6.6 million. And this is really represented after various non-cash items and one of items.

And finally, the adjusted EBITDA loss of $6 6 million and this is really represented.

After various noncash items and one offs.

One off items. This numbers also negatively impacted by our FX losses that we incurred year to date at $6 million.

Speaker 4: This number is also negatively impacted by our FX losses that we incurred year to date at $6 million, worth noting at this point, that off that $6 million.

Worth noting at this point that offset 6 million 3 million remains unrealized as part of all our ethics calculations.

Speaker 4: 3 million remains unrealized as part of our FX calculations. And I think as part of some of the initiatives going into this quarter, bank says taken a lot of initiative in terms of investing into the Treasury functions to then further enhance and

And I think as part of some of the initiatives going into this quarter.

<unk> taken a lot of initiative in terms of investing into the treasury function to then further enhancing and.

Speaker 4: the FX components and outcomes in the future period.

The fixed components and outcomes in the future period.

Speaker 4: Moving on to the balance sheet, the strength and stability. And

Moving onto the balance sheet the.

The strength and stability.

And if.

Speaker 4: Focus here has been really on the working capital management and building out that treasury offering that I alluded to earlier. This included establishing appropriate funding structures, which I'll speak to also. And the key feature of this balance sheet is really the liquidity strength based on where banks are is today. Liquid assets, totaling to 19 million.

Focus here has been really on the working capital management and building out the treasury offering that I alluded to earlier.

This included establishing appropriate funding structures are which I'll speak to also.

And the key feature of this balance sheet is really the liquidity strength based on where Baxter is today.

Liquid assets.

Totaling 219 million.

Speaker 4: We maintain, continue to maintain a strong networking capital position of a 15 million and a quick ratio of three times compared to industry benchmark.

We maintained continue to maintain a strong net working capital position of a $15 million and our quick ratio of three times compared to industry benchmarks.

Speaker 4: There's a positive collection terms that we continue to obtain, which looks at inward cash flows of within two days in contrast to our standard payable terms of 30 days.

There's a positive collection plants that we continue to.

Obtain which looks at in with cash flows of within two days in contrast to a standard payable terms of 30 days.

Speaker 4: And finally here, the treasury function that we're referring to has looked at establishing funding structures to the tune of approximately 20 million to support future trading activities of banks. However, that said, as at March, the facilities remain undrawn and thus the balance sheet remains debt-free at this as at the March reporting period.

And finally here.

The treasury function that we are referring to has looked at establishing.

Funding structures to the tune of approximately 20 20 million to support future trading activities of bank. So.

But that said as at March the facilities remain undrawn and thus the balance sheet remains debt free.

At this as if the March reporting period.

Speaker 4: Next slide is then looking at cash flows and really looking at the usage and the sources of some of this liquidity.

Next slide.

<unk> been looking at cash flows and really looking at the usage and the sources of some of this liquidity.

Speaker 4: Now liquid acids, as I mentioned, is 19 million. Cash is a subset of this at 10.8 million. The key driver of our cash flow in this period is really the operating cash outflow of 7.8 million. It's worth noting here that deposits that we hold with exchanges are not classified as cash. So post reclassification of deposits, will be a subset of the company that acts by???.

Liquid assets as I mentioned is 19 million cashes, a subset of this at 10.8 million the key driver of our cash flow.

In this in this period is really the operating.

Friday cash outflow of 7.8 million, it's worth noting here that the deposits that we hold with exchanges are not classified as cash so post reclassification of deposits circa $5 million.

Speaker 4: to correlate back to cash and cash equivalent would result in an adjusted operating cash outflow or reduced operating outflow of 2.8 million.

To correlate back to cash and cash equivalents would resulting in adjusted operating cash outflow of reduced operating outflow of 2.8 million.

Speaker 4: All of this, our tension is very strongly on operational cash flows, particularly in the current market condition. And to achieve this, we're balancing this out by strategy and execution risk.

Now.

All of this our pension is very strongly on operational cash flows.

Typically in the current market condition and touch to achieve this with balancing this out by strategy and execution risks optimizing some of our cost structures as I mentioned earlier and thus.

Speaker 4: optimizing some of our cost structures as I mentioned earlier and thus increasing or trying to gain on our margin position. We're going to continue to focus on the working capital management and build out our treasury functionality.

Increasing or tried to gain on our margin position, we're going to continue to focus on the working capital management and build out our treasury functionality.

Speaker 4: Bringing all of this together, I think this will provide banks with the stable financial foundation on which it can continue to realize some of its strategies that the team has spoken to.

Bringing all of this together.

I think this will provide banks or with the stable financial foundation on which it can continue to realize some of its strategies, but the team has spoken to.

Speaker 4: So that concludes the financial narrative. And I just want to pass it back to the team to discuss the investment highlights.

So that concludes the financial narrative now.

Just want to pass it back to the team to discuss.

The investment highlights.

Speaker 2: Thanks, Holger and Diet, thank you, Sharme. It just a couple of sort of keynote.

Yeah. Thanks, Thanks, Holborn diet. Thank you, Sean just said in a couple of sort of cane arch.

Speaker 2: As of our next financial year, which starts on the 1st of July 2022, we'll actually be moving our reporting to quarterly basis, both in terms of TTV as well as revenue. More in line with what companies on NASDAQ typically report. Having said that, when we do have updates, new product initiatives or material customers, we'll obviously announce them to the market over time.

As all our next financial year, which starts on the first of July 2022 will actually be moving Arab 14, two quarterly basis quite intensive T. T D as well as revenues more in line with what companies on NASDAQ that we typically report having said that when we do have upped.

<unk> new product initiatives, all material customers will obviously announcing to the market over time.

Speaker 2: So really at a high level, as we mentioned, we're actually the world's first stop exchange of this dead.

So it really at a at a high level AI as we mentioned yeah. We were actually the world's first stop exchange Ms stayed intact payment service provider rig tech companies servicing the digital asset industry.

Speaker 2: Fintech, Payment Service Provider, a REC Tech company, is servicing the digital asset industry.

Speaker 2: There is significant opportunity in Web 3 and I'm sure there'll be some questions specifically around Web 3. We've at banks have taken a regulatory first approach. In fact, we have more licenses and registrations around the world than most of our competitors put together. And the reason that is really important as we know the industry is becoming much more regulated.

There is significant opportunity in wave three and I'm sure there'll be some questions specifically around web three <unk>.

Waves at banks have taken a regulatory first approach in fact, we have more licenses and registrations around the world then marched about competitors put together and then the reason that he is really important as we know the industry is becoming much more regulated and sorry, David over time the value of that.

Speaker 2: And so over time, the value of these licenses will actually become much significantly more valuable because you will not be able to trade as an organization without having licenses, whether they're basped virtual asset service provider licenses or in the US equivalent, MTLs, money.

Licenses will actually become much say significantly more valuable because you will not be able to try it is as an organization without having licenses, whether they baskets virtual asset service provider licenses or in the U S equivalent.

M T cells money transmitter licenses.

Speaker 2: And then really, we've got a fantastic team, a growing team, and we're going to continue building out our partner network in terms of, you could relate partners back to customers. And then at the same time, the thing that gets me the most excited is there is a significant, significant amount of leverage in the model. Whether we're doing 300 million TTV or 3 billion TTV, or for that back moving forward, 30 billion TTV, the technology ultimately does the heavy lifting.

And then really I, we've got a fantastic team a growing team and we're going to continue building out our partner network in terms of you can relate cop partners back to customers.

And then at the same time yardbird between that gets me. The most excited is yes. There is a significant significant amount of leverage in the model now whether be doing 300 million T. J b or 3 billion T. J V or for that fact, leaving forward 30 billing of th ebay that technology ultimately does the heavy lifting I said there is.

Speaker 2: You know, so there is significant leverage.

Significant leverage in this business model and this is why we've really been investing in.

Speaker 2: Yeah, in this business bottle and this is why we're really they investing, you know, into the future.

In into the future.

Speaker 2: So that's really the, let's call it the formal part of the presentation where we're 23 minutes in. What I'll maybe do at this point.

So that's really the let's call it but the formal part of the presentation where were twenty-three minutes Amy.

What I'll, maybe do at this point.

Speaker 2: is take some questions. I do have some questions and thank you very much.

Is now take some questions I do have some questions and thank you very much <unk>.

Speaker 2: for the people that have sent through Frank asked

<unk> for the people that have sent through Frank asks can we please get an update on the NASDAQ application Frank. Thank you for your question I'm, sorry, the NASDAQ process as we announced to the market early this year, we putting now application with jumped through a number of of hoops with Nasdaq.

Speaker 2: Can we please get an update on the NASDAQ application? Frank, thank you for your question. So the NASDAQ process, as we announced to the market early this year, we put in our application, we've jumped through a number of hoops with NASDAQ. Right now, we've got a couple more hurdles. One of those hurdles being price. We need to have a price at least two US dollars.

Right now we've got a couple of more hurdles one of those hurdles being price we need to have a price of at least two U S. Dollars for 90 days old three U S dollars for five days.

Speaker 2: for 90 days or three US dollars for five days.

Speaker 2: And unfortunately with the movement of decline of the equity markets earlier this year, I think we were at day number 75. We were almost there. And then we slipped below $2 and then that's not what started all over again. So right now, you know, we just, it's really a wait and see approach. And I think it's later on this calendar year, if you're looking towards NASDAQ.

And unfortunately, we see.

Movement of decline of the equity markets. Early this year I think we were a day nine number 70 fives will all much there and then we slipped below $2 and then net stopwatch Startle Library games site right now and we just.

It's really a wait and see approach and I think its each later on.

This this calendar year, if you're looking towards Nasdaq.

Speaker 2: Michael asks, you know, what his banks are doing in terms of the spending habits, specifically the exponential increase in salaries is quarter. It's affecting its gross margin to an unhealthy 39%. I'm not sure, Sharma, if you can maybe sort of touch on that. I'm not sure where that 39% number is coming from.

And Michael asks what.

What is banks are doing in terms of it spending habits March bis, specifically the exponential increase in salaries this quarter.

Affecting its gross margin to an unhealthy 39% I'm not sure Xiaomi. If you can maybe sort of touch on that I'm not sure where that 39% number is coming from.

Speaker 4: Yeah, short. I'm happy to address that. I think that 39% is perhaps expressing the margin by way of dividing it by revenue. So I think.

Yeah sure happy to address that Tom.

Think about 39% as perhaps expressing.

The margin.

By way of a dividing it by revenue so I think.

Speaker 4: To address Michael's query, certainly I think there's a strong focus in the current market, as I alluded to earlier, with regards to cost optimization now and margin improvement. So we're certainly taking a strong focus on this.

To address Michael's query suddenly I think there's a strong focus in the current market as I alluded to earlier with regards to cost optimization now and margin improvement. So we're certainly taking a strong focus on this and.

Speaker 4: and we'll continue to do this and realize some of those optimization initiatives in the coming months, if not quarters as well. And I think this will become a strong feature of banks are going forward.

And we will continue to do this and realize some of those optimization initiatives in the coming months, if not quarters as well and I think this will become a strong feature of banks are going forward in.

Speaker 4: In terms of the gross profit margin, banks that we typically look at this as a gross take rate, as I mentioned earlier, and that's expressing the revenue as a percentage of TTV. And that, you know,

In terms of the.

Gross profit margin our banks that we typically look at this as a gross take rate as I mentioned earlier and Thats expressing the revenue as a percentage of T. T V.

And that despite looking at where the market conditions. Currently sit if you look at our gross take rate compared to last quarter, where we experienced significant uplift in volume to current quarter, where of course the market volumes of lot more subdued that gross take rate has remained low.

Speaker 4: looking at where the market conditions currently fit. If you look at our gross take rate compared to last quarter where we experience significant uplift in volume to current quarter, where of course the market volumes are a lot more subdued, that gross take rate has been largely consistent at 4.7%. So again, to close that question out.

Largely consistent at four 7%.

So we again to close that question out.

Speaker 4: Certainly our focus is on cost and margin optimization going forward.

Certainly our focus is on a cost and margin optimization going forward.

Speaker 2: Yeah, and I think that I've had a couple other questions specifically around the the cash burns to last quarter.

Yeah, and I think that had a couple of other questions specifically around there.

The big the cash burn to last quarter and from Bob I don't know the name other than anonymous and and I think you touched on that already Sham way, we are going through a cost optimization and review process. As you have mentioned there are a number of initiatives that we are working on in order to.

Speaker 2: and from what I got out there they name other than anonymous.

Speaker 2: And I think you touched on that already, Sharm, we are going through a cost optimization review process. As you've mentioned, there are a number of initiatives that we are working on in order to, because Matt asked another question around, what are we doing to increase our net take rates in terms of the market?

Because Matt asked another question around what are we doing to increase our net type range in terms of the margins and so there are a number of key initiatives already underway with regards to increasing out our niche hike right.

Speaker 2: And so there are a number of key initiatives already underway with regards to increasing our net's high-grade.

Speaker 2: And some of those things are, for example, today, the way that we charge our customers is that we will bake in and effectively, not on charge all of the gas or blockchain related fees to customers. What you're gonna see over the next four to six weeks is that we're gonna be changing our pricing model where we'll be the price of the coin, plus whatever the blockchain or gas fee will be.

And some of those things are for example to die at the wide that we charge our customers is that we will buy game and effectively.

Not on charge all of the gas or block chain related face to customers. What you got to say over the next four to six weeks is that we're going to be changing out our pricing model, where will be the price of the coin plus whatever that blocked China gas Sable Bay.

Speaker 2: at that particular point in time. As you know, that can change literally hour by hour. And so just by doing that little change, we believe that will have a material impact.

Adapting our pointing to imagine that that can change mutually hour by hour and sorry, just by doing that little change. We believe that we will have a material impact on our net margin.

Speaker 2: only on that margin. Yeah, that's that's one of a number. Secondly,

That's one of a number secondly.

Speaker 2: We are continuing to acquire licences in other parts of the world, which means that there will be less reliance on third parties for the use of their licences, which ultimately means that we will be able to increase our margins. Rather than paying them a percentage, we're able to keep that percentage ourselves.

We are continuing to acquire Watson sales in other parts of the world, which means that there will be less reliance on third parties for the use of their licenses, which ultimately means that we will be able to increase our margins rather than paying they may percentage, we're able to keep that percentage ourselves.

Speaker 2: So hopefully, AINON, that provides some a bit more clarity around the cash burn.

So hopefully I'll hang onto our that provide some a bit more clarity around the.

The cash burn.

Speaker 3: If I can just add one quick thing, we found it the business back in 2014 and over time, which in difficult markets, especially in crypto, very volatile. And we've navigated through this. I've never been more confident and excited about this space. This time around is very different too.

If I could just add one quick thing.

We were founded the business back in 2014 and overtime, which in difficult.

Markets, and especially in crypto very volatile and with navigated through this.

I've never been more confident and excited about this space and this time around it's very different to the crypto winter we've seen in 2018 19.

Speaker 3: the crypto winter we've seen in 2018-19 are really believed that we're now having much mobilization of what we're doing at with position banks that are really at this intersection where we are onboarding many more web3 companies, traditional finance companies that are exploring this space and are building in this space.

I really believe that we're now having much more validation of our doing it we've positioned banks are really at this intersection where.

We are onboarding, many more web three companies traditional finance companies that are exploring the space in a building in this space in the building exciting things they don't really.

Speaker 3: And they're building exciting things they don't really want to.

Onto them to all the work that needs to be done with the regulators with the local banking infrastructure and so on that's where banks are really had been and has enabled to plug in to whatever they're doing an M.

Speaker 3: do all the work that needs to be done with the regulators, with the local banking infrastructure, and so on. That's where banks are really fit in and is able to plug in to whatever they're doing. And as mentioned, we're doing a...

As mentioned we were doing a.

Speaker 3: cooperation with Hendrix Gin, for example, launching an exclusive NFT series, and banks allow them to purchase those NFTs directly.

Cooperation with JD.

Hendrix Gen. For example, launching an exclusive and F T theory.

And banks that allows them to purchasers and empties directly.

Speaker 2: And we see many, many more brands of, you know, luxury brands, Web 2 brands coming into this space. That doesn't need to be cryptocurrency. It can be really anything. And that's where banks are. It's just a plug-and-play solution for them so that they can offer their followers whatever they want to do in Web 3. I think we're just a very, very important part of the Web 3 ecosystem. Yeah. No, good. Very good point. And Anon also asked...

And we see many many more brands.

<unk>.

Luxury brands web Threep at web two brands coming into this space.

That does need to be cryptocurrency. It can be really anything and that's where banks are its just a plug and play solution for them. So that they can offer their followers.

They want to do in web site I think we just a very very important part of the web three ecosystem microdot very good point and and on also asks why doesn't the company conduct a share buyback to bring the price back to the NASDAQ requirements.

Speaker 2: Why doesn't the company conduct a share buyback to bring the price back to the NASDAQ requirements? Very good question and one of the other questions from Tony is around why hasn't management and the board actually acquired shares or being on market buying shares?

Very good question and one of the other questions from from tiny is around why Hasnt management.

And the board actually acquired changed opening on market buying shares.

And what all is.

Speaker 2: I've got to be careful what I say here other than then.

We're gonna be careful what I say here other than then right now we are in a.

Speaker 2: Right now, we are in a blackout, a trading blackout, and what that basically means is that as officers of the company, we are not able to buy or sell shares.

Blackout, a trading blackout and what that basically means is that as officers of the company, we are not able to buy or sell a share is.

Speaker 2: because we're in a blackout. And the reason we're in the blackout is that there are certain corporate activities that are going on that preclude us from doing so.

Because we're in a blackout and the reason we're in a blackout is that there are certain corporate activities that are going on that preclude us from doing so.

Speaker 2: And that's an answering a question around the NASDAQ. So that will apply to the directors and the officers. And at the same time, that will also apply to the companies, for the company, as in Bangsa, is not permitted to go out there and actually buy its own shares because, and on, you know, that is a question that has been discussed at the board and with our investment banks, bankers already, which regards to Bangsa embarking on.

And that's in answering a question around the NASDAQ site that rule applies to the yard the directors and the officers and at the same time that role also applies to the company. So the company is in bank stocks is not permitted to go out there and actually buy sign change because I know that is a question that has been discussed at the board and we thought.

Our investment banks bankers already with regards to banks are embarking on.

Speaker 2: I share bye bye, but we're just not in the position to do so because as officers and as a company we are in a blackout.

Share buybacks, but we're just not in a position to do so because as offices and as a company. We are a night blackouts.

Speaker 2: When that will that end, we don't know. We're just working with our investment bank through a number of

When that will that end, we diner, and which is working with an investment bank through a number.

Speaker 2: Let's call it corporate initiatives and that's really all I can say on this particular matter. Matt and Justin, and this is one to you, Sharme, asked when would shareholders expect a positive net earnings per share return and Justin also comments rather than explaining wages as 2% of TTV, can't please split the wages into growth, establish an of your agents and products and cash cows. It's unclear what the product is.

Let's call it near our corporate.

Our initiatives and that's really all I can cite on this particular.

No.

And Justin and this is why Piyush on Asps.

When would shareholders expect a positive net earnings per share return and and Justin Osama's comments, rather than explaining by just 2% of T. J D can play split the wide using to growing establishment in Eurasia and products and cash cows, it's unclear what the product potential profit of the business here. So I might be you can touch on those two.

Speaker 2: potential profit of the business here. So maybe you can touch on those two questions.

Two questions.

Speaker 4: Yeah, sure. I think just looking at the mixture of

Yeah sure I think just looking at the.

The the mixture of.

Speaker 4: I guess the employee costs just touching on that first.

I guess the employee cost just touching on that first is more around the fact that we have certainly gone and invested into the growth segments of it.

Speaker 4: is more around the fact that we have certainly gone and invested into the growth segments by way of headcounts. And this largely looks at investment into our product teams, our technology team, and then also being consistent to where Banks' heritage has come from, largely from a regtech type structure. So the compliance team that also then underpins the expansion into all the different geographic regions that we explore.

Well by way of head count and this is largely.

It looks at investment into our product teams our technology team.

And then also being consistent to where banks's heritages come from largely from a Reg tech type structure. So the compliance team.

But also then underpins the expansion into all the different geographic regions that were exploring.

Speaker 4: Those are the parts of the key growth areas within the business that the head count.

Those are the parts of the key growth areas within the business that the head count has been established and of course to support the growing I guess, the operational and the T. T V expansion that we've seen and you've got to look at it on a year to year basis as well not just on a quarterly component.

Speaker 4: has been established. And of course, to support the growing, I guess, the operational and the PTV expansion that we've seen, and you've got to look at it on a year to year basis as well, not just on a quarterly component, where banks

Where banks are is showing a significant growth in T. T V a year on year.

Speaker 4: showing significant growth in TTV year on year. And that's really then required further investment into our operations team around, you know, customer services, customer success, et cetera. And of course the final component, the growth component that this question was really seeking for is that sales component. And we're gonna continue to invest into the sales piece as well. So hopefully that gives you a bit more of a breakdown of, yes, we've had a strong expansion.

And that's really been required further investment into operations team around our customer services customer success et cetera.

And of course, the final component the gross components, but this question is really seeking for is that sales component and we're going to continue to invest in the sales pace as well. So hopefully that gives you a bit more of a breakdown of yes, we've had a strong.

Expansion in our head count and hence there's a strong increase in operating expenditure, but this is all about investing in the business to then be able to support some of the strategic aspirations and the journey that banksy wants to achieve going forward in the coming months quarters.

Speaker 4: and hence there's a strong increase in operating expenditure, but this is all about investing in the business.

Speaker 4: to then be able to support some of the strategic aspirations and the journey that Bank Street wants to achieve going forward in the coming months, quarters and years.

And use.

Speaker 2: Thanks. Thanks. And David asks, why do you need so many licenses?

Sure, Thanks, Sean and Helga diagnostics or why do you need so many licenses.

Speaker 2: and what's the cost and I'll just sort of maybe just quickly touch on this. First and foremost and this is sometimes a question I get is, can you just turn up to a country and acquire a license or registration and two degree, I wish it was that easy. It is a big investment in terms of acquiring licenses. Sometimes some of our recent, let's call it our Dutch license, that was a 12 month plus process.

And and watch the costume and I'll, just sort of maybe just quickly touch on niche.

First and foremost and this is sometimes a question I get is Jack can you just turn out to our country and acquire a license or registration and.

To a degree I wish it was that easy now it.

It is a big investment in terms of acquiring licenses.

Sometimes you have some of our recent let's call. It our Dutch license here that that was a 12 month plus projects.

Speaker 2: And we have a number and the license is a kind of broker down into what you call you know exchange your transactional type licenses And then there are custody licenses that allow us to effectively hold custody of coins and we own licenses in a number of countries that allow us to to do both

And then we have a number in the license of the kind of break it down into what you call your exchange or transactional type licenses and then there are custody licenses that allow us to effectively hold cassidy of corns, and we arent licenses and a number of countries that allow us to to Dubai.

Speaker 2: Our view is that licensing is absolutely critical as the industry becomes much more regulated. And just to give sort of you a sense of a leading indicator, I'll give you a sense of where we believe the industry is going to be over the next five years, which kind of tells you why we're doing the things that we're doing today. If you take the US.

And our view is that licensing is absolutely critical as the industry becomes much more regulated and just to give sort of your sense of a leading indicator I'll give you a sense of where we believe the industry is going to be over the next five years, which kind of tells you why were doing the things that we're joined Tonight.

You take the U S.

Speaker 2: and the Netherlands. Take the Netherlands, the Dutch National Bank came out earlier this year and said that if you're an exchange or a DeFi platform, if you are targeting or servicing a customer in the Netherlands or using a payment method that's used in the Netherlands, you have to be licensed. Otherwise, you're breaking the law.

And the Netherlands type the Netherlands, a Dutch National Bank came out early this year and said that if you're an exchange or a day five platform. If you are targeting or servicing a customer in the Netherlands or using a payment method.

Used in the Netherlands, you have to be licensed otherwise you're breaking the law.

Speaker 2: And the same goes to the US. You cannot service a US customer without having the appropriate MSB, MTLs. And if you're doing custody, trust charter license.

And the same goes for the U S. You cannot service high U S customer, we'd have having the appropriate MSP mtl's and if you're doing custody Trust charter license. This is where we see countries around the world starting to implement these rules because it all comes from yards that box, which is basically the global organization and it filters to the countries and.

Speaker 2: This is where we see countries around the world starting to implement these rules, because it all comes from your FATFA, which is basically the global organisation and it filters to the countries and then they implement these rules. And ultimately, what it will mean is that if you want to target a customer in Germany, you need to have a German licence. If you want to target a customer in the US or Canada, you need to have a US or Canadian licence.

And then I implement these rules and ultimately what it will mean is that if you want to target or a customer in Germany, you need to have a German license. If you want to target a customer in the U S or Canada, you need to have a U S or Canadian license, which is why we have spent a lot of time energy and investment in acquiring these licenses because they are.

Speaker 2: which is why we have spent a lot of time, energy and investment in acquiring these licenses because they are ultimately an asset on the balance sheet. And from a pure financial perspective, we expense all of our development, we expense all of our licenses, because it's ultimately the most conservative thing to do. But the way to look at a bunch of our expenditure, particularly from a regulatory perspective, is it is an investment into the future.

Ultimately an asset on the balance sheet and from a pure financial perspective, we expense all of our development. We expense all of our licenses gives it ultimately the most conservative thing to do but the way to look at a bunch of that expenditure, particularly from a regulatory perspective is it is an investment into the future.

Speaker 2: And we've already started saying that, you know, you only need to go Google crypto regulations to know that they are starting to become much, much more important all around the world.

And we've already started saying <unk> Jani Nida Guy Google kicked our regulations Tonight that they are starting to become much much more important all around the world.

Did enrollment one of make any sort of further comment on that.

Speaker 3: Maybe just one comment, the B2B partners were targeting, they can be just two dreamers in the garage building the next big thing in in Web3 and again the sentiment today is very much around whether internet was in its early days and

Maybe just one comment the b to be partners with targeting they can be just two or three months in a garage building domestic thing in web, Surrey and again the sentiment today very much around that internet bottom, it's early days and.

Speaker 3: They don't want to deal with all that. It's hard to get all these licenses, like you said, Dom, and also the infrastructure behind it.

They don't want to deal with with all of that it's hard to get all these licenses like bike you set them and also the infrastructure behind it.

Speaker 3: And that's what we do. That's what we take away from them. And again, it's a plucking-play solution that we provide. So that they can onboard users around the globe with local regulation and local currencies and trust payment options. That's really what we're all about.

And that's what we do that will be taken away from them and again, it's a plug and play solution that we provide.

So that they can onboard users around the globe with local regulation and local currencies and trusted payment option, that's really what we're all about.

Speaker 2: I hope that helps clarifying it. Yep. And Matt asks, there was no mention with regards to when do we expect positive EPS or profitability or should we expect this company to be perpetually not profitable?

That helps.

That helps clarifying and young and amount of staff that was not mentioned with regards to when do we expect positive aps or profitability or should we expect this company to be perpetually not profitable.

Speaker 2: I'll sort of let you touch on this, but just to sort of take a step back into the history, the first three years of operation of Bankfer, the company was actually profitable. We know how to run a profitable organisation. We have lived through three crypto winters. If we're going into another one, it will be the fourth. We've got experience on how to basically survive and prosper.

Sean I'll also let you touch on this but just just to sort of take a step back into the history of that.

Three ease of operation of banks. The company was actually profitable now we know how to run a profitable organization. We have lived through three crypto winter is it create going into another one it will be before we.

We've got experience on how to basically survive and prosper at the reason that we might be significant investments into into the business is because now licensing and local payment methods and webs rates. They are all important and they're all growing areas.

Speaker 2: The reason that we've made these significant investments into the business is because licensing and local payment methods and web3, they are all important and they're all growth areas.

Speaker 2: You know, if and you know sometimes get this question, what happens if we go into a recession or a major, major bear market?

And sometimes get these question what happens if we go into a recession or a major major bay market.

Speaker 2: I can't tell you exactly what we're going to do in the future, but what I can tell you what we've done in the past, you know, we've adjusted our.

I can't tell you exactly what we're going to doing the feature but what I can tell you what we've done in the past we've adjusted our cost base with adjust their margin and very very quickly. We've moved the company back into profitability. So we're effectively watching our sites. That's how we survived the lapse rate crypto winters, if we need to do it again, we have those tools at our disposal.

Speaker 2: We've adjusted our margin and very, very quickly, we've moved the company back into profitability. So we're effectively washing our own face. That's how we've survived the last three crypto winters. If we need to do it again, we have those tools at our disposal.

Speaker 2: and we will do whatever is required. So in terms of answering your question, obviously we can't make any predictions, we can't provide any forecasts on this, but suffice to say, we do have a keen eye on profitability and it's very much, as you can see in the financials.

And we will do whatever is required sign in Matt in terms of answering your question. Obviously, we can't make any predictions we can't provide any forecast on this but suffice to say, we do have akane on profitability and it's very much as you can see in the financials.

Speaker 2: We've got our TV which conversion to revenue at Rukino's sort of high fours. Then we've got our net tape rate, which is basically a GP just under 2%. And then under that, what have you got? You've got employee cost and SGNA.

Our T V, which converts into revenue at Rocky I've sort of high high fours than we've got al al Our net take rate, which is by Sky J P. Just under 2% and then under that what did you got you've got employee costs and SG&A and touches by tweaking noise lobster expenses that will basically adjust what comes out that bottom line.

Speaker 2: And so just by tweaking those last two expenses, that will basically adjust what comes out that bottom line. Sean, did you want to make any sort of comments around that and some of the, maybe sort of elaborating and some of the optimization both at the margin level as well as the expense level that we're currently working on?

John did you want to make any sort of comments around that and some of the maybe you sort of elaborate on some of the optimization bars at the margin level as well as the expense level that we're currently working on.

Speaker 4: sure. Thanks, Phil. And I think you've pretty much covered bulk of it. But um...

Sure. Thanks, Tom and I think you've pretty much covered bulk of it but.

Speaker 4: To address Matt's query, I think the margin optimization is a real key focus. There's a number of identified areas, which we spoke to earlier, that banks can continue to work on in a very short period of time to be able to.

To address mats query I think the margin optimization is a real key focus there's number of error identified areas.

Which you spoke to earlier that banks that can continue to work on in a very short period of time to be able to extract greater net take rates to certain extent and I think we've already mentioned the fact around the network fees components that can be charged which is abnormal industry practice that can be.

Speaker 4: track greater net take rates to certain extent. And I think we've already mentioned the fact around the network fees component that can be charged, which is a normal industry practice, that can be charged onto the end user.

Charged onto the end user.

Now.

Speaker 4: That's probably at a direct cost level, and there's a number of other factors that we can continue to optimize there. In terms of an operating overhead level, we are certainly taking a closer look at

That's probably at a direct cost level and there's a number of other factors that we can.

To optimize there in terms of an operating overhead level.

We are certainly taking a closer look at all the categories within it are within the operating overhead but at the end of day, we there's elements in there with regards to managing al charge backs in our provisioning are with regards to it because you've mentioned the employee costs as well contractor usage et cetera.

Speaker 4: all the categories within it, within the operating overhead. But at the end of the day, there's elements in there with regards to managing our chargebacks and our provisioning with regards to, as mentioned, the employee costs as well, contract the usage, etc. So there's many categories there that we can certainly look at from a cost optimization point. I think,

So there's many categories. There that we can certainly look at from a cost optimization point, but I think if I.

Speaker 4: I'm very conscious of the fact that we've invested into the business for the growth of the business and we continue to optimize some of the margins ahead of optimizing a huge amount of our operating overhead.

I'm very conscious of the fact that we we've invested into the business for the growth of the business.

And we continue continue to optimize some of the margins ahead of optimizing a huge amount of our operating overheads.

Speaker 2: Yeah, yeah, thanks Sharm. I mean, frankly, we could be profitable tomorrow.

Yep Yep.

Thanks, Shaun I mean, frankly, we could be profitable tomorrow.

Speaker 2: just by enacting a few things, which we don't need to really get into into this call, but yeah, just...

Just by enacting a few things.

Which we don't need to really get into into this call, but jive just.

Speaker 2: Once again, just want to reassure investors, we've survived three crypto winters. We have effectively a key set of actions that we can push the button on at any pointing time. And the three of us is executives in the organization are very conscious of what they are and what we need to do and how we need to do it.

Once again, just want to reassure investors. We've survived three crypto winters, we have effectively at a key set of actions that are that we can push the button on at any point in time and the three buses executives in the organization I'm very conscious of what they are and what we need to do and how we need to do it.

Speaker 2: Maxwell asks, we know you can't give guidance, but can you give investors any idea on how TTV has trended throughout the current quarter? And yeah, would you say similar to

Maxwell Ops, we know you can't give guidance, but can you give investors any idea on how T. T. J has trended throughout the current quarter.

And you know would you say your similar too.

Speaker 2: similar to the March quarter. I mean, we've already released the numbers for April , Mays in the process of completion, so we can't really comment until we've announced it. Suffice to say, and sometimes I get asked with investors, what are some of the key drivers with regards to TTV? And there's a number of key drivers. One is obviously the Bitcoin price. The height of the Bitcoin price is the better. I think that's fairly obvious.

And similar to the March quarter.

I mean, we've already released some numbers for our.

April .

<unk> in the process of <unk>.

<unk>, sorry, we can't really comment until we've announced it suffices site and sometimes I get asked we meet investors like what what's what are some of the key drivers with regards to to take Teva and there's yeah. There's a number of key drivers. One is obviously the big corn price you know to hide the bitcoin price the better I think that's that's fairly obvious and the <unk>.

Speaker 2: The other one is, what is the volatility of the Bitcoin price? If what we've seen in the last 18 months, if the Bitcoin price trades in a very narrow band...

The one is what is the volatility of the bitcoin price if if what we've seen in the last 18 months is a big quite price trades in a very narrow band.

Speaker 2: So there's hence not a lot of volatility. That's actually not that great for us. Like in their quality markets, when did the exchanges make money? Is women there's actually high volatility? And we've seen significant volatility, particularly in the last four weeks.

So it is hence not a lot of volatility that's actually not that great for us lock in equity markets winded exchanges and make money is women date is actually high volatility and we've seen significant volatility, particularly in the last four weeks.

Speaker 2: And then the third factor is what is the volume, the transactional volume at the exchanges. So for liquidity reduces, then obviously the requirement for onboarding reduces as well, which is why as an organisation we've now really accelerated our push in terms of the Fiat off ramps, the self functionality where you can go from Bitcoin Ethereum or up. Fay Well Coin??? N drin

And then the third factor is what is the volume the transactional volume at beach changes sites. The liquidity reduces then obviously the requirement for Onboarding.

Reduces as well, which is why as an organization. We've now really accelerated our push in terms of the theater of France. The self functionality, where you can go from big coin a theory or stable coin into cash and sorry, as we moving to I mean, you are essentially a crypto winter or bay market.

Speaker 2: And so as we move into a, you know, potentially I could the winter or bear market, we believe and we've already seen this, you know, if you go back.

We believe and we've already seen this if you go back.

Speaker 2: the last six and 12 months, most of the volume was fiat on ramping. I think off ramping was literally single digit.

The last six to 12 months most of the volume was fed on ramping.

Golf ramping was literally single digit what we're starting to see in Shanghai.

Speaker 2: what we're starting to see and I'm, you know, correct me if I'm wrong, the percentage now is now into, you know, still low compared to, you know, I'm gonna say double digit digits, it's like low double digits, but we're starting to see an increase in people off ramping as there's, let's call it some more uncertainty in the market. So the best way to kind of look at the banks of businesses, as you're driving on the freeway, or you're driving off the crypto freeway, we clip the ticket.

<unk> correct me, if I'm wrong. The their percentage now is now into stupid low compared to the yard.

And if I double digits like low double digits, but were starting to say an increase in people off ramping as base, let's call. It some more into uncertainty in the market. So the best way to kind of look at the banks or businesses as you're driving on the spray white, while you're driving off the crypto freeway, we clip the ticket.

Speaker 2: And that's why we've really accelerated what we're doing in terms of feed offerings. A judge would you like to add anything to that?

And that's why we've really accelerated what we're doing in terms of fade off branch attempts would you like to add anything to that.

Yeah, I think so.

Speaker 4: Dom, just a quick thing to add there from my side. We certainly seeing that trend in the financial data. And it does fluctuate month on month. As you've mentioned, Dom, it is a smaller percentage, but as a percentage in its mix, it's actually increased two to three times on prior month.

Just a quick thing to add there from my side, we certainly seeing that trend in the financial data.

And and it does fluctuate month on month as you've mentioned them. It is a smaller percentage, but as a percentage and it makes it's actually increased two to three times on prior months.

Speaker 4: But again, as the market stabilizes, I expect that to start coming back again. And I think you shouldn't lose focus on the significant part of the business, is the on-ramping exercise as well. And we're continuing to optimize that area going forward.

But again as as the market stabilizes I expect that to start coming back again, and I think that you shouldn't lose focus on the significant part of the business is the on ramping exercise as well.

And we've continued to optimize that area going forward.

Speaker 4: But certainly in the volatile market situations, we are seeing higher off-ramping activity.

Suddenly.

In the volatile market situations, we are seeing higher of wrapping activity.

Speaker 2: Matt asked, what are the barriers to growth in the US market? And I think Matt...

Yes.

Met asks what are the barriers to growth in the U S market.

And and I think Matt.

Speaker 2: It comes back to licensing. As we announced to the market earlier in May, we are now effectively moving into a number of new territories, including the US.

Yeah. It comes back to licensing as we announced to the market earlier than 90.

We are now effectively moving into a number of new territories, including the U S. We.

Speaker 2: We are already well down the process of our MSB MTLs, which is done not at a country level, but very much at a state by state level, plus the trust, the state trust charter license, which basically allows us to hold custody of coins. We haven't released.

We are already well down the process of al our MSP our M T cells, which is done not at a country level, but very much at a state by state level.

Plus the.

The trust stock side.

Site Trust charter license, which basically allows us to hold custody of coins, we haven't released to date.

Speaker 2: any kind of custody services. We have acquired a number of licenses related to custody, which once again is really an asset that should be sitting on our balance sheet because it's not easy to acquire and maintain those particular licenses.

Any kind of custody services, we have acquired a number of licenses related to custody, which once again. He is really an asset that should be sitting on our balance sheet, because it's not easy to acquire and maintain those particular licenses.

Speaker 2: but we see significant growth and opportunity in the US market. Frankly, it's the biggest or one of the biggest markets in the world, which is why we've now been investing heavily over the last nine months in terms of acquiring those licenses as we move full force later on this calendar year into that market. Holger,

But we see significant growth and opportunity in the U S market and frankly, it's it's it's the biggest or one of the biggest markets in the world, which is why we have now been investing heavily over the last nine months in terms of acquiring those licenses as we move full force later on this calendar year into that into that market.

Speaker 3: Yeah, not just fair to that, that's exactly right on the infrastructure that we're building out with licenses and banking, but also on the sales side. Many great projects are coming out of the US and we are firing sales people already have a few in the US and focusing on marketing much more around the US.

Yeah, I'll just add to that that's exactly right on that the infrastructure that we're building out with licenses in banking, but also on the sales side. Many gripes project are coming out of the U S and.

And we are hiring salespeople I'm already have a few in the U S and.

Focusing our marketing much more around the U S.

Speaker 3: and attending those conferences where we're exhibiting in consensus next week, and then NFT in New York as well. So that's where people can see the banks, a product life buying in NFT directly. The US is already one of the biggest markets for us and we believe there's gonna be much, much more coming from this. So we're all intentifying our activities there.

And a $10 comprehensive web activity and consensus next week.

And then N F team in New York as well.

So that's where I am.

People can see the banks of product lives buying in an FTE directly in the U S is.

Already one of the biggest market for us and we believe there's going to be much much more coming from Mr. Where we're also intensifying our activity set.

Speaker 2: George asks, did you see any impact from USD and Luna unwind?

George asks didn't you say any impact from U S T and Luna unwind.

Speaker 2: The answer is no. And just to sort of clarify, I'm not going to get into USD and lunar and what happened there. You can very easily Google that yourself. Suffice to say, where is Bankstone? We do not hold coins on our balance sheet. So we actually don't take risks.

The answer is no and just to sort of be I clarify I'm not going to get into the U S T and lunar and what happen is you can very easily Google that yourself.

Suffice to site waves banks, so we do not hold coins on our balance sheet. So we actually don't take risk when it comes to the coins.

Speaker 2: when it comes to the coins. All we're doing is really passing through from upstream providers directly to the customer, whether it's on chain or off chain. And ultimately, we're just providing the coins to the customers. And Dan asked, can you walk us through the use case for protocols like polygon and arbitrum and others?

All we're doing is really passing through from upstream providers directly to the customer whether it's on China or off Chine and ultimately, we're just providing the coin to the customers and Dan asked yard can you walk us through the use case for protocols like polygon and arbitrary and others.

Speaker 2: Ultimately, when we first started this business many, many years ago, what did we offer? Yeah, forget the Bitcoin. That was basically the number one coin. Now, as we know, there are thousands of coins out there.

Ultimately when we first started this business many many years ago, what it would be offer forget the bitcoin, yes that was basically the number one coin now as we neither at thousands of coins out there.

Speaker 2: We support roughly 80 coins and blockchains. And I just know part of the, once again, and I want to get into too much of the technical details, but just to kind of illustrate the value that we provide to our partners and some of the proprietary technology that we've created, you can effectively get a coin like USDC.

We support roughly 80 coins and block change.

And and.

I guess part of the once again, another I want to get into too much of that the technical details, but just to kind of illustrate the value that we provide to our partners and some of the proprietary technology that wave that we've created.

Can effectively get a coin like U S stay safe.

Speaker 2: you know, to stablecoin, minted. You know, by group out of the US called circle. Now, USDC, you can actually send that across the Ethereum network or the polygon network or the Hedera network. So the whole industry is becoming much, much more complex these days where you have multiple coins running on multiple chains.

It's a stable coin mint adult Yao of Bosch group out of the U S called cycle now U S. Stacy you can actually say that across the adhering network or the polygon networks or the head era network sorry, the whole industry is becoming much much more complex. These days, where you have multiple coins.

Running on multiple chains.

Speaker 2: And that's once again part of the value proposition that we've created is that we're able to support not, you know, not just one, but multitude of change and a multitude of coins. And so, for example, polygon, what are people use polygon or or tron or some of the others as opposed to a theorem. And that's just purely because the gas fees, the transactional costs are much less on polygon than they are on on other networks. And this is why as banks up.

Once again part of the value proposition that we've created is that we're able to support not only our not just one but multitude of China and a multitude of coins in shock for example, polygon yeah, why do people use polygon.

<unk> or <unk> or some of the others as opposed to a theory and that's just purely because the gas stays the transactional costs are much less on polygon NII or on other networks and this is why is as banks up with.

Speaker 2: We take an agnostic view when it comes to the coins that we support. Ultimately, we speak to our partners, we speak to our customers, and we get a sense of the market, you can go into coinmarketcap.com and you'll see that out of the top 50, we support a very, very large percentage of coins, because ultimately that's where the volume is and that's the volume that we want to basically pick up as an organization.

We take an agnostic view when it comes to the coins that we support ultimately we speak to our partners, which speak to our customers.

And we get a sense of the market you got you can go onto coin market cat cat Dot com and you'll say that out of the top 50, we support a very very large percentage of coin because ultimately that's where the volume is and that's the volume that we want to basically pick out there as an organization.

Speaker 3: Yeah, no, just from a commercial angle, we're also trying to establish those relationships with the layer 2, the layer 1 ecosystems. As an example, Hedera, we were, which is an enterprise blockchain. We're the first on an offer that is offering USEC.

Yeah, not just from commercial angle with it. We're also trying to establish those relationships with those layer to the layer one ecosystems as an example had era.

We were.

Which is an enterprise blockchain, where we're the first on an on Prem that is offering USB C.

Speaker 3: stablecoin on Hedera. And that has helped us to get into the Hedera ecosystem, which has many, many large corporations as followers, as users.

The stable coin on had their ups.

And that has helped us to get into them had their own ecosystem.

Which has many many large corporations.

As a follow up of users.

Speaker 3: And they have, for example, introduced us to their key wallet, which we're integrating with, to the corporation with Hendrick's Chin that we're working on right now. So there are a number of opportunities that are coming from really partnering very deeply with different.

And they have for example introduced us to that key wallet in which we're integrating with and to the corporation with Hendrickson and that we're working on right now and so there are a number of opportunities that are coming from.

Really partnering very deeply with different ecosystem.

Speaker 3: ecosystem. We're not only going after segments in the markets like NFG, collectible marketplaces, for example, in NFT, in-game assets and so on, on the DeFi marketplaces. We're also going into those ecosystems of different blockchains and coins where we can play a vital role and just plug in banks to connect them to onboard users.

We're not only going after segments in the markets like NFC.

Collectible marketplaces for example T <unk>.

In gaming assets and sell them amplify marketplaces, but also going into those ecosystems of different blockchain.

And a coin where we can play a vital role in just plugging bank for them to connect them to onboard users and so there are many many angleton maybe I just wanted to mention another point.

Speaker 3: So there are many, many angles and maybe I just wanted to mention another point. Given that we are working.

Given that we are working on a very we're doing all the heavy lifting on entering new countries getting all the banking infrastructure and training of the regulation.

Speaker 3: We're doing all the heavy lifting of entering new countries, getting all the banking infrastructure, and running, and the regulation. There is a lot happening every day, and we're trying to move on that front as hard as possible. But in this crypto and web series space, this is also just...

There is a lot happening every day and we're trying to move on that front as hard as possible, but in this crypto and web Sweet space. This is also just.

Speaker 3: really pacing extremely fast and we've set up the organization so that we can adjust and that we can anticipate what's coming and I think that's just very important that everyone knows that we are really trying to stay on top of this wave.

Really pacing extremely fast and.

We've set up the organization so that we can adjustment that we can anticipate what's coming in.

And I think that's just very important lips.

Everyone knows that we are really trying to stay on top of this wave.

Speaker 3: and innovating heavily while we are really building this strong foundation, which we need to execute on our business model.

Innovating heavily while we are really building, a strong foundation, which we need to execute on our business model.

Speaker 3: And that's why you might not always hear from us with product updates all the time. We're doing a lot of heavy lifting, but at the same time, there are many, many opportunities that we are assessing, identifying and then executing on. And we'll certainly keep everyone updated with those. And again, I just remain extremely excited about what's to come.

And that's why you might not always hear from us with product updates all the time and we're doing a lot of heavy lifting and but at the same time.

There are many many opportunities that we're assessing and identifying and then executing on it.

We'll certainly keep everyone updated was with Soc.

And again I remain extremely excited about what's to come.

Speaker 3: I think we are still just at the beginning. We're growing with this market. Yes, it's a bit depressed at the moment, but if we just zoom out, crypto has been going up and up and we've been doing it for eight years and we'll do it for many, many four years. And that's what I'm getting me out of.

I think we are still just at the beginning but growing with this market, yes, its settlements that depressed at the moment, but if we just zoom out.

Crypto has been going up and up and we've been doing it for eight years and I'll do it for many many point yes.

And that's what I am get me out of bed every day.

Speaker 2: Thank you, thanks, Holger. Matt, it's actually a suggestion. Consider providing a turnkey NFT solution for brands, not just payments, but the ability to create NFTs soon, so they don't need a higher engineers. I, the Shopify of NFT stores.

Thank you thanks Helga Matt.

Tax a suggestion consider providing a 10-K NFC solution for brands, not just payments, but the ability to create and if th soon so that I've made a hynix.

Engineers I, the shopify of IFF taste stores.

Speaker 3: Maybe I can quickly respond to that. We're already exploring this. There are certainly already services that are offering this. What's really important for Banker is just to be the standard feet on an offering in those.

Yeah.

Maybe I can quickly responded that were already exploring there there are.

So they already have services that are offering this and what's really powerful bankers just to be in the standards and Fiat on and off ramp in those.

Speaker 3: in those services and then partnering with them so that they can actually resell us. But we are also able to offer those services ourselves in the future. So I guess it's a combination of whatever the market is looking for. The banks can offer a variety of those services to its partner.

And those services.

And then partnering with them so that they can actually resell.

But we're also able to offer those services ourselves in the future and so I guess, if the combination of.

Whatever the market is looking for banks that can offer a variety of those.

Services to it departments.

Speaker 3: And for our system product extension really, again, the heavy lifting, the heavy lifting is what will eventually allow users to onboard from here to crypto and do that conversion.

And protect sister product.

Extension really again, the heavy lifting that the heavy lifting.

Is what will eventually allow end users to on board.

From here to crypto.

Do that conversion.

Speaker 2: Yep, thank you. Thanks for that. I think we've maybe got time for one or two more questions. So I feel free to, to, to darling and just on NFTs, I've had some questions from investors, you know, we came out earlier in May and announced this, you know, the Fiat NFT product and, you know, don't ask, you know, what's so special about that? Why is that important? And, you know, the answer to that question is, right now, if you want to buy an NFT,

Yes. Thank you. Thanks for that I think we're probably got time for one or two more questions.

Sexual trade two to two <unk> and just on <unk> drive I've had some questions from investors know we came out earlier in may and announced that the state to NSA.

Product and asking them, what's special about that why is that important and and.

The answer to that question is right now if you want to buy an entity.

You've kind of gone by some big culinary theory them.

We're kind of created converting type polygons Salon, Earl, but one of the other block change depending upon the NFPA that you want to buy then you've got to basically use a wallet like meta Moscow non custodial wallet senior if need to be able to guide from a centralized exchange change something like a non custodial wallet and you need to be altered in your link it up to a website like open say.

And only then you can transact like thereof, and you need to make sure you are not a theory polygon a salon us basically to pay for those gas space as well so the whole process.

Speaker 2: I won't say you need a computer science engineering degree, but you need something pretty close to it.

On one side, you need a computer science, and Ginnie and engineering degrade, but you need something pretty close to it and so what we've done at banks are once again, taking a step back and say this where we're now trying to build our company around the mass market in the next 1 billion people that are going to moving to these fights aren't going to be the tech nerds.

Speaker 2: And so what we've done at banks are, once again, taking a step back and saying, this, we're now trying to build our company around the mass market. And the next to billion people that are going to move into this space aren't going to be the technical

Speaker 2: or the finance nerds, they're going to be ordinary people that want to just be able to make a few clips and buy their NFT, all their gaming product, or buy some Bitcoin. And so what we've done as part of that technology, that launch is you go from Fiat to NFT and there's all this technology behind the scene, just all these hops.

While the finance night, they're going to be ordinary people that want to just be able to make a few clicks and by the NSA all the gaming product or Boston Bitcoin inside what what we've done as part of that technology that launch is you go from fifth to N F. T and there is all this technology behind the changes all these hubs.

Speaker 2: We take care of all of that behind the scenes. So it's really, really simple for the customer to be able to execute. And that's very much part of our vision on onboarding the next billion people. It's about making it simple to onboard and ultimately providing a really good experience for our customers.

We take care of all of that behind the same so it's really really simple for the customer to be able to execute now and that's very much part of our vision on on boarding the next 1 billion people, it's about making it simple to onboard.

And ultimately providing a really good experience for our customers.

Okay.

Speaker 2: And we've got one more question. Just to ask, when do you expect banks of percentage revenue split to be in 23 between C-Fight on ramping, C-Fight off ramping, and Web 3, which includes gaming and NFTs?

And maybe one more question just asked one when do you expect banks. It pertains he percentage revenue split to be in twenty-three between say fight on ramping say fine I'll frame pain and web three which includes gaming and <unk>.

Speaker 3: Good question, Jatin. Hi again. But I believe CFI on ramping is really the cash cow. There is a lot of volume coming through and it will continue to be so. But over the next few years, we'll certainly see much more off ramping happening as well as we are not just servicing the centralized exchanges. But as crypto is really moving across many, many more just cash, too.

Okay.

No questions at this time.

Hi, again.

But I belief C. Phi on ramping it's really the cash cow and there is a lot of volume coming through and it will continue to be so but over the next few years will suddenly see much more of ramping happening as well as we are not.

Knotted servicing.

The centralized mix changes.

But as crypto is really moving across many many more.

Use cases.

Speaker 3: But Web 3 was gaming, which is a huge opportunity. And Jason Horowitz just raised another, I think, 4.5 billion fund to invest in Web 3 and gaming project.

But web three with gaming, which is a huge opportunity.

Andre Tomorrow, but it's just the rest in other.

$4 5 billion fund and to invest in web three and gaming projects.

Speaker 3: We believe there's going to be much, much more coming from that, actually much bigger than the centralized exchange volumes. And in my view, the reason is that the everyday use cases are just much more in Web Street, in gaming, NFTs. They're just much more consumer friendly than traditional centralized exchanges that largely offer crypto-traiting these days.

We believe that's going to be much much more coming from that is actually much bigger than the centralized.

Hum exchange volumes and in my view. The reason is that the everyday use cases are just much more in web stream and gaming and MTV, they're just much more consumer friendly than traditional centralized exchanges that largely offer crypto to crypto trading these days.

Speaker 3: And that is very special in finance and tech.

And that is very special in finance and tech.

Speaker 3: while NFT is much more consumer focused. So I believe we see a lot more traffic coming from this in the future.

But N F. T is much more consumer focused I believe we see a lot more traffic coming from this in the future.

Speaker 2: Fantastic. All right, I think that's basically a wrap. I'd like to thank everyone for their time and all the participants and their questions. We will make this recording available on YouTube in the next 24 hours. And if you have any further questions, you know, feel free to leave a list of reaching out to us on the banks.com website. And once again, thank you for your time, everyone, and have a great day. Cheers. Thanks, everyone.

Fantastic Alright, I think that that's basically a rack.

I'd like to thank everyone for their time and over the passage of pension and that questions.

We will make this recording available on Youtube in the next 24 hours and if you have any further questions natural afraid there's plenty of ways of reaching out to us on the banks of Dot Com website.

And once again, thank you for your time, everyone and have a great day chiefs.

Thanks, everyone.

Thank you all.

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