CatalX Partners with Stably to launch CADX, a Canadian Fiat-Backed Stablecoin
CatalX Exchange (CatalX), Canada’s premier digital asset trading exchange, today announced a strategic partnership with Stably Corporation (Stably), a leading FinTech company and developer of stablecoin technologies, to launch its Canadian Dollar fiat-backed stablecoin, CADX.
Every CADX token is fully-backed and redeemable for 1 CAD held in an audited account managed by Prime Trust, a Nevada-chartered trust company who is the official regulated trustee and CVC administrator for CADX. CADX is powered by Stably’s ERC20 smart contract technology that has been audited by QuantStamp, a leading US-based blockchain security firm.
“We are excited to partner with Stably to launch CADX on the CatalX Exchange,” stated Justin Kim, CEO of CatalX. “We understand the demand for regulated, asset-backed stablecoin for the Canada market, and believe this partnership with Stably’s technologies and processes will give our users the openness, transparency and value they seek for their digital assets.”
“As more and more stablecoin projects come into play, we’ll see more users moving towards projects that they have confidence in across multiple points,” stated Kory Hoang, Stably CEO. “The area where we excel is transparency, so we are very excited to partner with CatalX to bring our solution to Canada.”
“Stably helps companies leverage digital currency technologies without the hassles and complexities of dealing with an immature ecosystem,” added David Zhang, Stably CTO. “We tackle the hard technological and regulatory issues so companies can focus on delivering the most value to their customers while still gaining the benefits of new distribution channels and cost savings.”
After this initial launch period, CatalX and Stably aims to expand CADX into other exchange partners around the globe.
Founded in 2017, CatalX has developed a trading platform customized for the Canadian market, under license from Bittrex — the premier U.S. based blockchain trading platform. With offices in Calgary and Vancouver, CatalX’s mission is to be Canada’s leading blockchain trading platform for virtual currencies and digital assets, while fostering a new generation of investors seeking to engage and manage their own financial future. Learn more at www.catalx.io.
Stably is a fast growing FinTech company from Seattle founded in April 2018 by a team of former bankers and Amazon software engineers. The company has raised close to USD $3 million to date from angel investors as well as leading venture capital firms like 500 Startups, BEENEXT and Pay It Forward. Stably is also the creator of USDS, a US Dollar-backed stablecoin features on major crypto exchanges like Binance and Bittrex. Stably’s mission is to make financial transactions faster, cheaper and more transparent through borderless digital money platform powered by blockchain, stablecoins and open banking APIs. For more information, please visit www.stably.io.
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