TechX and CatalyX announce the launch of CADX, a Canadian dollar based stablecoin, on Bittrex

Karthik Subramanian

TechX, a Canadian fintech company that focuses on blockchain, crypto, AI, and other emerging technologies, has announced that its portfolio company CatalyX has developed the stablecoin CADX, which has been listed in the Bittrex crypto exchange.

toronto-canada

It is a rush for stablecoins in recent times as one of the prime uses of crypto, as an alternative to fiat, is beginning to take hold of the crypto market. The crypto domain has long been criticised for its volatility and associated risk which has driven away many major investors. Bitcoin, Ethereum, and other such cryptos cannot be used as reliable methods of payment due to their volatility as their price sometimes changes by over 10% in a day. So, the best alternative to fiat that the crypto backers can bring in is the stablecoins.

CatalyX is one of the biggest crypto exchanges in Canada and it had partnered with the fintech company Stably to launch the CADX stablecoin in 2020. This coin would be pegged to the Canadian dollar at a 1:1 ratio and would be fully backed by and redeemable to CAD and it is held in an audited trust account by the official regulated trustee, Prime Trust.

“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.”

There are many stablecoins pegged to the USD and that includes USDT and USDC which have over a billion tokens in circulation while Binance and GMO recently announced the creation of the GYEN stablecoin that is pegged to the Japanese Yen. Stablecoins are mainly used for cross-border payments at this point in time due to their ease of use and speed as well. It is expected that these stablecoins would attain more traction in the future and would also be used as modes of payment just like fiat currencies.

The challenge for stablecoins would arise due to the fact that there are many stablecoins to choose from and the users would be confused on which one to use. Each of these coins would be vying for attention and traction in the market and that is likely to be a challenge as far as their adoption for mainstream payments is concerned. The other challenge is to know whether these coins are really backed and audited to make them fully redeemable at any point in time and it is this trust that the users would expect in a stablecoin if they have to choose a specific one for their mainstream use.

Read this next

Interviews

FIA EXPO 2022: Interview with Trading Technologies

The derivatives trading industry has gathered in Chicago to attend the FIA EXPO 2022 on 14-15 November. 

Market News

What’s moving markets for the week ahead 

The US labor market and the OPEC+ meeting are the most important variables for next week.

Digital Assets

Payments innovator BVNK acquires SPS Ltd to become UK EMI licensed operator

“We believe that regulated, fiat-backed stablecoins combined with the best parts of traditional payments will provide the infrastructure needed to deliver this vision. We will continue to obtain new licences and build out our capabilities to provide our customers with an unparalleled offering.”

Technology

Innovations in Technology and the User Experience — A MarksMan Update

MarksMan Liquidity Hub, the go-to platform for crypto spot liquidity solutions, has just unveiled an exciting update with new UI/UX features.

Technology

Alveo adds Sentiment indicators, Tax, and Regulatory Risk data from SIX

“Market participants increasingly need on-demand access to our vast catalogue of global financial and investor protection related data.”

Technology

B2C2 taps KX to enhance analytics for institutional crypto

“KX technology is proven in enhancing a broad range of mission-critical data and trading systems across front, middle and back-office operations for the majority of the world’s leading tier-one banks, brokerages, and investment firms.”

Executive Moves

ADVFN appoints Amit Tauman as CEO

ADVFN operates global financial information websites for retail investors.

Institutional FX

HKEX launches Hang Seng TECH Index Futures Options, adds after-hours session

“The launch of the Hang Seng TECH Index Futures Options and enhancements to the broader suite of Hang Seng TECH Index derivatives today will provide global investors even more choice and flexibility, helping them to successfully manage their portfolios and risks.”

Industry News

Finastra opens Center of Excellence in Kuala Lumpur

Finastra has expanded its footprint by opening a Center of Excellence (COE) at Malaysia’s MRANTI Technology Park in Bukit Jalil, Kuala Lumpur.

<