2021-03-08 14:40:08

TechX Technologies Inc touts February growth of cryptocurrency exchange investee CatalX CTS Ltd

Compared to January, trading volume increased more than tripled from about C$4 million to C$14.9 million

() (OTC:TECXF) (FRA:C0B) told investors Monday that its initial investment in the Canadian cryptocurrency exchange CatalX CTS Ltd has been an early success after it achieved significant growth in trading volume, daily users, deposits and revenue in February. 

Compared to January, trading volume more than tripled from about C$4 million to C$14.9 million in February. Monthly transactions jumped 2,281% from 1,012 to 24,091, while daily average users grew 75% from 16.41 to 28.64. Deposits tripled from C$1.2 million to more than C$4.6 million and revenue increased by 61% from $97,430 to $156,754. 

CatalX is a FINTRAC-registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. TechX signed a definitive agreement on February 16 to make an equity investment of C$2 million into CatalX. 

READ: TechX Technologies signs LOI that could lead to potential acquisition of all outstanding share capital of CryptoBuddy Technologies Inc

“We are ecstatic about our February growth, which has not only met but exceeded our initial expectations, but our month-to-date March numbers have exponentially grown,” CatalX CEO Jae Park said in a statement. “CatalX has been primarily focused on working towards becoming the first regulated exchange in Canada, and now we’ve had the opportunity to shift our focus toward user acquisition and revenue growth with the investment from TechX has already proven to be a huge success.”

In the first six days of March, CatalX saw trading volume of nearly C$8 million, deposits of C$4.4 million, daily average trading volume of C$1.3 million and daily average deposits of C$740,823.

“We are very pleased to share the CatalX Exchange’s exciting growth numbers for last month, which came at no surprise, considering the ever-growing excitement surrounding crypto, along with the exchange’s superior features such as having the tightest spreads, fully-featured order book and the lowest price for bitcoin in Canada,” TechX CEO Peter Green said. “The first seven days of March have been extremely encouraging, so we look forward to seeing continued increase across the board when those results come in at the end of the month. It’s clear that CatalX is the premier crypto exchange in Canada and we are very happy to be partnered with them.”

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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