TechX says portfolio cryptocurrency company Catalyx launches Canadian dollar-backed stablecoin on top-15 global exchange

TechX Technologies Inc (CSE:TECX) (OTC:TECXF) (FRA:C0B1) has told investors that it considers its investment in CatalX CTS Ltd (Catalyx) to be an early success after the company officially listed its Canadian cryptocurrency CADX on the Bittrex Global Exchange. 

CADX is a multi-chain Canadian Dollar pegged stablecoin, meaning every CADX token is fully backed and redeemable for C$1. Bittrex, its newest home, is one of the world’s top 15 cryptocurrency exchanges in terms of liquidity.

Catalyx.io, a cryptocurrency exchange with more than 40 altcoins, first launched 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.

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

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 foreign exchange conversions, the company said. 

CADX offers the following features:

• Instantly redeemable for Canadian dollars 24/7
• Earn interest on CADX from crypto lending
• Send or receive CADX to or from anyone, anywhere, at anytime
• Bank-grade off-chain security for asset custody and sensitive data storage
• Easy integration with any mobile applications
• Regulated trustee organized under US law
• Zero token issuance/redemption fees
• Cheap on-chain transfer for only a few pennies of 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,” Catalyx CEO Jae Park said in a statement. “The listing on Bittrex provides the CADX coin international market exposure and offers crypto traders a flexible and secure alternative to existing stablecoins.”

Contact Andrew Kessel at [email protected]

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Story by ProactiveInvestors