TechX portfolio cryptocurrency exchange company Calyxt sees revenue double in May amid active user surge

TechX Technologies Inc (CSE:TECX) (OTC:TECXF) (FRA:C0B1) announced that its portfolio company, Catalyx Exchange, achieved substantial growth in trading volume, revenue, transaction numbers and average daily active users in May.

Catalyx.io, a cryptocurrency exchange, saw trading volume increase 73% from C$22 million in April to C$38 million in May and revenue nearly double from C$174,001.91 to C$343,367.15 over the same period. The number of transactions jumped 34% from 3,901 to 5,242, and daily average number of active users increased by 51%.

“We’re very pleased with our ongoing growth, especially seeing our trading volume increase by 73% during May’s crypto market crash,” Catalyx CEO Jae Park said in a statement. “Instead of turning investors away, the reduced crypto prices created an attractive buying opportunity that clearly enticed more users to trade even more as the market became more volatile. It’s very encouraging to see Catalyx not only overcome but thrive during market downturns.”

READ: TechX Technologies acquires fiat-to-crypto startup Mobilum OÜ in C$16M stock deal

Additionally, Catalyx has signed a payment processing agreement with recent TechX acquisition Mobilum, under which Mobilum will provide fiat-to-crypto on-ramping services on fastbitcash.ca. The integration will enable Catalyx to onboard and on-ramp users at a quicker pace by allowing users to purchase cryptocurrencies with a Visa or Mastercard, the company said. Fastbitcash will charge 2.99% on credit card transaction fees.

“We are thrilled to be offering our users faster and easier access to crypto via our payment processing integration with Mobilum,” Park said. “Our rate of 2.99% is significantly lower than our competitors charging their customers between 5% to 8% per transaction.”

“We’re also pleased that Mobilum is now part of the TechX umbrella and we look forward to integrating our exchange into the digital wallet that will be coming in the near future.”

Contact Andrew Kessel at [email protected]

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Story by ProactiveInvestors