**Conflux Network and AnchorX Partner to Launch HKD-Backed Stablecoin**
Toronto, Canada, March 8th, 2024, Chainwire
Conflux Network, the only regulatory compliant public blockchain in China, has announced its partnership with AnchorX, a local fintech company, for the successful beta-testing and launch of the Hong Kong Dollar (HKD)-backed stablecoin, AxHKD. This stablecoin will be initially launched on the Conflux Network and later on Ethereum.
**Conflux Network’s Role and Advantages**
– Conflux Network will provide the underlying technology for AxHKD’s launch.
– Conflux offers superior scalability, security, low latency, and cost-effectiveness.
– The partnership aims to empower reliable and efficient global exchanges, positioning AnchorX as the most trusted provider of digital currency solutions in Asia.
**AxHKD and its Features**
– AxHKD will initially be launched on the Conflux public blockchain and is built on world-class distributed ledger technology.
– It ensures a 1:1 peg to the HKD and is backed by high-quality liquid asset reserves.
– These reserves are protected by a segregated trust arrangement and held by regulated financial institutions in Hong Kong.
– Custodian services for the AxHKD issuance are provided by OKLink Trust, a strategic partner of AnchorX.
**Primary Applications of AxHKD**
1. Enhancing Cross-Border Transactions:
– AxHKD aims to improve cross-border transactions between Hong Kong/mainland China and the global market.
– It is particularly beneficial for Belt and Road partners with less developed banking infrastructures.
2. Fiat-On-Chain Instrument for Virtual Asset Trading:
– AxHKD serves as a reliable fiat-on-chain instrument for virtual asset trading.
– It paves the way for innovation in Real-World Assets and bridges the gap between traditional and digital assets in Hong Kong.
**Backers and Regulatory Initiatives**
– AxHKD is backed by industry leaders from both traditional finance and blockchain technology spaces, including Hony Capital.
– Hong Kong authorities recently proposed a regulatory regime for stablecoin issuers to ensure stability and consumer protection.
**AnchorX’s Commitment to Regulatory Standards**
– Byron Wong, the Chief Compliance Officer at AnchorX, expressed the company’s dedication to meeting regulatory standards.
– Hong Kong has adopted one of the most proactive approaches to stablecoin regulation globally.
– AnchorX aims to align AxHKD with the proposed stablecoin standards and contribute insights to the formation of a successful regulatory regime.
**Conflux Network’s Founder’s Statement**
– Fan Long, Founder of Conflux, expressed excitement about partnering with AnchorX for the launch of AxHKD.
– This collaboration represents a significant milestone in blending traditional finance and the Web3 realm.
– AxHKD will play a crucial role in integrating the Hong Kong Dollar into the Web3 ecosystem and driving innovation and financial inclusion.
**About Conflux Network**
– Conflux Network is a permissionless Layer 1 blockchain that connects decentralized economies across borders and protocols.
– It ensures rapid, secure, and scalable blockchain transactions with its hybrid PoW/PoS consensus mechanism.
– Conflux offers a distinct advantage for projects aiming to enter the Asian market and has notable partnerships with global brands and government entities in the region.
**About AnchorX**
– AnchorX is a Hong Kong-based fintech company working towards becoming the most trusted provider of digital solutions in Asia.
**Contact Information**
– For media inquiries, contact Melissa Tired, [email protected].
*Hot Take*
**Conflux Network and AnchorX Foster Financial Innovation with AxHKD Stablecoin**
Conflux Network’s partnership with AnchorX for the launch of the AxHKD stablecoin marks a significant step in the convergence of traditional finance and the Web3 ecosystem. By leveraging Conflux’s advanced blockchain technology and AnchorX’s fintech expertise, AxHKD aims to enhance cross-border transactions and bridge the gap between traditional and digital assets in Hong Kong. This collaboration holds great potential for driving financial innovation and inclusion, while also ensuring compliance with Hong Kong’s proactive stablecoin regulations. With the launch of AxHKD, Conflux and AnchorX are paving the way for reliable and efficient global exchanges, empowering individuals and businesses in the Asian market.
⚡✅
By
By
By
