TechX Announces that Catalyx Achieved a 97% Revenue Increase and 73% Jump in Daily Active Users MoM in May

Rhea-AI Summary

TechX Technologies Inc. (CSE: TECX, OTC: TECXF) announced significant growth for its portfolio company, Catalyx Exchange, in May 2021. Key metrics include a 73% increase in trading volume, reaching C$38.04 million, and a 97% rise in revenue, amounting to C$343,367.15. Transactions surged by 34% and daily active users grew by 51%. Catalyx also signed a payment processing agreement with Mobilum, enhancing user access to cryptocurrencies at competitive rates, further solidifying its position in Canada's cryptocurrency market.

Positive

• Trading volume increased 73% to C$38.04 million in May 2021.
• Revenue rose 97%, reaching C$343,367.15.
• Transactions jumped 34%, from 3,901 to 5,242.
• Daily average active users increased by 51%.
• New payment processing agreement with Mobilum for fiat-to-crypto transactions.

Negative

• None.

VANCOUVER, BC, June 3, 2021 /PRNewswire/ - TechX Technologies Inc. ("TechX'' or the "Company'') (CSE: TECX) (OTC: TECXF) (FRA: C0B1), a company focused on emerging technologies including crypto, blockchain, AI, and cloud technologies, is pleased to announce that its portfolio company, Catalyx Exchange  ("Catalyx"), achieved substantial growth in trading volume, revenue, transaction numbers and average daily active users in May 2021.

Catalyx.io, Canada's premier cryptocurrency exchange, is a Canadian-based FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology.

Catalyx reports the following key metrics from May 2021:

• Trading volume increased 73% from C$22.02 million in April 2021 to C$38.04 million in May 2021.
• Revenue increased by 97% from C$174,001.91 to C$343,367.15
• The number of transactions jumped 34% from 3,901 to 5,242
• Daily average number of active users increased by 51%

"We're very pleased with our ongoing growth, especially seeing our trading volume increase by 73% during May's crypto market crash," said Catalyx CEO, Jae Park. "Instead of turning investors away, the reduced crypto prices created an attractive buying opportunity that clearly enticed more users to trade even more as the market became more volatile. It's very encouraging to see Catalyx not only overcome, but thrive during market downturns."

Payment Processing Agreement with Mobilum

Mobilum also announced that it has signed a payment processing agreement with Catalyx to provide fiat-to-crypto on-ramping services on fastbitcash.ca.  The integration will allow Catalyx to onboard and on-ramp users at a quicker pace by allowing users to purchase cryptocurrencies with a Visa or Mastercard instead of EFT or interact payment methods.  Fastbitcash will be charging 2.99% on credit card transaction fees.

"We are thrilled to be offering our users faster and easier access to crypto via our payment processing integration with Mobilum.  Our rate of 2.99% is significantly lower than our competitors charging their customers between 5% to 8% per transaction," said Mr. Park. "We're also pleased that Mobilum is now part of the TechX umbrella and we look forward to integrating our exchange into the digital wallet that will be coming in the near future."

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 companies includes 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.

About Mobilum

Mobilum, a fintech start-up providing the fiat infrastructure to the cryptocurrency industry and has a licensed plug and play fiat-to-crypto gateway and payment processing technology solution for exchanges, wallets, brokers, liquidity providers and cryptocurrency businesses. Mobilum's simple to use on-ramp and off-ramp solution makes integration easy for businesses to get their users to buy and sell cryptocurrencies with credit and debit cards.  The Mobilum digital wallet will provide its customers with competitive prices on over 237 cryptocurrencies and will allow its users to earn high interest rewards and yields with DeFi.

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.

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SOURCE TechX Technologies Inc.

FAQ

What were the key performance metrics for Catalyx in May 2021?

In May 2021, Catalyx reported a 73% increase in trading volume, 97% rise in revenue, 34% growth in transactions, and a 51% increase in daily active users.

How much did Catalyx's revenue increase in May 2021?

Catalyx's revenue increased by 97% to C$343,367.15 in May 2021.

What is the significance of TechX Technologies' partnership with Mobilum?

The partnership with Mobilum allows Catalyx to offer quicker fiat-to-crypto transactions, enhancing user access to cryptocurrencies at lower fees.

What was the trading volume for Catalyx in April 2021?

Catalyx's trading volume in April 2021 was C$22.02 million.

What percentage increase did Catalyx see in daily active users in May 2021?

Catalyx experienced a 51% increase in daily active users in May 2021.