1 min. read
Built to Scale: How Banxa Streamlined Crypto Operations, Saved Millions on Gas Fees and Processed over $220M with Fireblocks
Benefits at a glance
Millions of dollars saved on gas fees
Processed 479K+ transactions with a 99.1% outgoing success rate
Accelerated on/off-ramp operations across multiple blockchains
Banxa is a globally recognized fiat-to-crypto payment infrastructure provider, enabling seamless on and off-ramp experiences for exchanges, wallets, and DeFi platforms worldwide. Fireblocks allows Banxa to build a high-throughput, enterprise-grade crypto operations layer capable of processing hundreds of thousands of transactions across multiple blockchain networks.
Background
As a payments infrastructure company operating across 200 countries, Banxa requires reliable, multi-chain transaction infrastructure to serve its growing base of retail and institutional customers across the US and the EU. Banxa was looking for a digital asset infrastructure provider that would alleviate gas fees and accelerate operational efficiency. Banxa integrated Fireblocks to power the custody, movement, and settlement of digital assets across its on and off-ramp product suite.
Slowed by Transaction Bottlenecks
Banxa’s rapid growth created operational complexity that tested the limits of manual processes. Managing high-volume transaction queues across Polygon, Ethereum, and Tron with volatile gas fees led to recurring bottlenecks where hundreds of transactions could become stuck simultaneously, leaving end customers waiting up to two days for order fulfillment. At the same time, Banxa’s engineering and operations teams needed to get up to speed quickly on advanced Fireblocks capabilities while keeping live operations running:
- Asset ID management across chains
- MPC key enrollment
- TAP policy configuration
Solution
Fireblocks provides Banxa with both the infrastructure and the hands-on support needed to stabilize and scale their operations. Working closely with Fireblocks’ support and customer success teams, Banxa implemented several items including:
- Established clear API workflows for multi-chain asset management
- Resolved recurring vault balance sync issues on USDT/Tron and USDC/HyperEVM
“Fireblocks has been great at supporting new assets. We can easily add any EVM token that we want, allowing us to support nearly 300 tokens,” Sean Moynihan, COO at Banxa shared.
With 475,000+ completed transactions and a 99.1% outgoing success rate, Banxa’s integration now serves as a reliable backbone for their on and off-ramp business.
“We have saved millions of dollars on gas fees through settling customers directly from Fireblocks rather than from liquidity providers and by batching Bitcoin and ERC20 transactions.”
SEAN MOYNIHAN
COO
Fireblocks also allowed Banxa to easily migrate settlement to US and EU customers over to the respective entities from their AU entity. “Fireblocks allowed us to quickly create new workspaces for our US and EU entities. With minimal development and configuration we were able to connect our core application and liquidity providers to the new workspaces,” Sean shared.
Expanded Support On The Horizon
Banxa is aggressively expanding its Fireblocks integration to diversify its ecosystem support and deepen operational automation. A key strategic priority is the integration of HyperCore (Hyperliquid’s L1). By supporting the Fireblocks Network that facilitates approximately $6 billion in daily volume, Banxa will be able to automate USDC and USDT deposits for Hyperliquid’s massive user base.
Simultaneously, Banxa is streamlining its liquidity management by:
- Automating on and off-ramp flows through direct integrations with providers like Circle.
- Developing self-serve gas management tools to eliminate manual intervention and reduce operational overhead.
Fireblocks remains the cornerstone of Banxa’s infrastructure roadmap. Beyond internal operations, Banxa has officially joined the The Fireblocks Network for Payments as a featured provider. This allows Fireblocks’ institutional clients to execute seamless, secure fiat-to-crypto conversions within a single transaction. For Banxa, this collaboration unlocks new cross-border corridors and creates a high-velocity revenue stream by embedding its services directly into the Fireblocks platform.
“Fireblocks is more than a provider; it’s the backbone of our operations. Their technology gives us the security and the confidence to scale at the speed of the crypto market.”
SEAN MOynihan
COO
