LiteLink Technologies to acquire an ownership interest in Canadian cryptocurrency exchange CatalX CTS
LiteLink Technologies Inc (CSE:LLT) (OTCMKTS:LLNKD) (FRA:C0B0) reported that it has agreed to acquire a 19% equity stake in CatalX CTS Ltd, which the company considers to be Canada's premier cryptocurrency exchange, with more than 40 Altcoins available for purchase.
LiteLink said it will make a C$2 million equity investment in CatalX CTS, consisting of 15 million LiteLink common shares and a cash payment of $500,000, which would value the cryptocurrency exchange at more than C$10.5 million.
“We are very excited to invest in CatalX and gain a valuable stake in the booming crypto market,” LiteLink Technologies CEO Peter Green said in a statement.
He added: “CatalX, which is Canada's leading cryptocurrency exchange, has had an outstanding year and continues to grow. In January, CatalX experienced significant growth in its trading volume, which increased by 426% month-over-month and saw its net deposits grow by 236% during the same period. In short, this company is growing very quickly.”
The company noted that CatalX, a FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology, has continued to see an increase in both its trading volume and daily deposits in 2021, with key metrics that include:
- Monthly net deposits of about C$1.3 million in January, a 236% increase month-over-month (MoM);
- Monthly trading volume of $4.2 million in January, an increase of 426% MoM;
- Daily deposit volume in the first nine days of February increased 65% MoM to $566,000;
- A 34% increase in trading volume for the first 12 days of February ($1.3 million) compared to the first 12 days of January; and
- A 45% increase in deposit for the first 12 days of February ($586,000) compared to the first 12 days of January.
LiteLink added CatalX has developed a scalable and modularized platform with a trading engine that can scale to millions of users in real-time, as well as a “cutting-edge” cybersecurity system in CyberSmoat, with features that include:
- $0 deposit fees and immediate funding;
- 0.15% trading fees;
- Tightest buy and sell spreads in Canada at less than 0.1%; and
- Lowest rates to buy Bitcoin in Canada
LiteLink Technologies, which is planning to change its name to name to TechX Technologies Inc, is a dominant player in developing world-class enterprise platforms and digital wallets.