TechX Technologies Inc. (“TechX” or “the Company”) (CSE: TECX) (OTC: TECXF) (FRA: C0B1), a company focused on emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies, is pleased to announce that its investment in CatalX CTS Ltd. (“Catalyx”) is proving to be an early success as it officially listed its Canadian stablecoin, CADX on the Bittrex Global Exchange. Bittrex is one of the world’s top 15 cryptocurrency exchanges in terms of liquidity.
Catalyx.io, Canada’s premier cryptocurrency exchange with over 40+ altcoins, launched its Canadian dollar fiat-backed stablecoin CADX in 2020 through a partnership with Seattle-based fintech company Stably. CADX is powered by Stably’s ERC20 smart contract technology, which has been audited by a leading US-based blockchain security firm, QuantStamp.
CADX is a multi-chain Canadian Dollar pegged stablecoin merging the flexibility, security and speed of cryptocurrency with the stability of fiat. Every CADX token is fully backed and redeemable for $1 Canadian dollar and is held in an audited account managed by Prime Trust, a Nevada-chartered trust company that is the official regulated trustee and CVC administrator for CADX.
Potential roles for the new CADX token are in cross-border payments and remittance, peer-to-peer lending, merchant payment solutions, smart money (programmable money), interest bearing digital wallets, partnerships for international remittances and settlements and forex conversions.
Monthly reserve attestations shall be conducted by Cohen Co. a leading US stable coin auditor, to ensure transparency and credibility for the project.
CADX offers the following features:
- Redeemable for CAD on a 1 to 1 basis with instant redemption 24/7
- Earn interest on CADX from crypto lending
- Send or receive CADX to or from anyone, anywhere and at any time
- Bank-grade off-chain security for asset custody and sensitive data storage
- Easy to integrate with any mobile applications
- Regulated trustee organized under US laws
- Zero token issuance/ redemption fees (excluding wire fees and network/gas fees)
- Cheap on chain transfer for only a few pennies for network/gas fees
- Fast on chain transfer speed
- Multichain support for Ethereum, Tezos, Algorand and many other protocols
“We are ecstatic to be the first Canadian dollar-backed stablecoin to be listed on Bittrex, one of the world’s top crypto exchanges,” said Catalyx CEO Jae Park. “The listing on Bittrex provides the CADX coin international market exposure and offers crypto traders a flexible and secure alternative to existing stablecoins.”