AnchorX has partnered with Conflux Network and OKLink Trust for the axHKD stablecoin. AxHKD’s primary use cases will be global cross-border transactions and a fiat-on-chain system for virtual asset trading. Experts claim that this will improve cooperation between traditional finance and the Web3 space. Following this development, the price of Chinese Coin Conflux (CFX) started to rise.
Conflux Network and AnchorX announce axHKD stablecoin
Conflux Network claims to be the only regulatory compliant, public and permissionless Layer-1 Blockchain in China. The project announced on Friday its involvement with fintech company AnchorX in the launch of Hong Kong’s first Hong Kong dollar-backed stablecoin, axHKD. AnchorX announced the development in a press release on March 8.
The company plans to launch the stablecoin first on the Conflux Network and then on the Ethereum Blockchain. The axHKD stablecoin will provide a 1:1 peg to HKD, protected by a segregated trust arrangement and backed by high-quality liquid asset reserves held by the country’s regulated financial institutions, including 13 billion AUM private equity firm Hony Capital.
The founder of Chinese Coin Conflux evaluated the development
AnchorX plans AxHKD for two key applications, including global cross-border transactions and a fiat-on-chain system for virtual asset trading. The company says this will help drive innovation in Real World Assets. It also believes it will bridge the gap between traditional and digital assets in Hong Kong. Conflux’s founder, Fan Long, made the following statement regarding the collaboration:
This collaboration represents an important milestone in the fusion of traditional finance and the Web3 space. It also increases the practicality of digital currencies for daily transactions.
Hong Kong’s stablecoin sandbox
cryptokoin.comAs you follow from , the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have shown they are open to regulating virtual assets amid rising demand. Hong Kong authorities have also proposed a regulatory regime for stablecoin issuance.
Moreover, the stablecoin “sandbox” arrangement has attracted major players, including China’s Harvest Global. AnchorX also plans to explore participation in the upcoming regulatory sandbox for a robust stablecoin regulatory regime. Meanwhile, Hong Kong has asked all crypto exchanges and firms to sign up for a crypto license. Thus, it is trying to strengthen its regulatory framework.
Price performance of Chinese Coin CFX
With the impact of the news, the CFX price started to move deeper into the north. The Chinese coin made a jump from $0.31 to $0.36. Although it later loses some altitude, the token continues to move in the green zone. At the time of writing, CFX was changing hands at $0.3238, a 21.4% gain on a weekly basis.
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