VANCOUVER, BC, June 9, 2021 /PRNewswire/ - 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."
About TechX Technologies Inc. TechX Technologies Inc. (CSE: TECX) (OTC: TECXF) (FRA: C0B1) is a company focused on emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies. Led by senior leaders and industry experts, our investors have access to strategically selected portfolio companies that offer technologies across the entire cryptocurrency funnel, unlocking massive market potential. TechX's portfolio of businesses include Mobilum, Catalyx Exchange, Altsignals, Xport Digital and Shiftinsights.
About Catalyx Exchange Catalyx is a Canadian-based is a digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. As a fully regulated Cryptocurrency exchange with FINTRAC, Catalyx has the highest standards in security and compliance and is partnered with world-trusted names in Blockchain technologies, risk management and financial solutions to provide their users with a trusted, secure platform. Catalyx is the first Canadian exchange with its own stablecoin called CADX and supports 40+ cryptocurrencies. In February 2021, TechX signed a definitive agreement to acquire 19% of Catalyx.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.