CatalX will bring a wide range of cryptocurrency trading pairs to the Canadian market, following its partnership with Bittrex. The recently announced collaboration is slated to provide more than 200 asset pairs. However, some of the key details that seasoned traders may be looking for have not yet been provided.
Justin Kim, CatalX’s CEO, had this to say on the deal:
“This partnership with Bittrex is a big step for us, as it positions us as a leader in the Canadian digital asset market. We are honoured to be able to bring Bittrex’s extensive cryptocurrency options to the Canadian market with one of the highest brand reputations in the industry. We will offer more than 200 coin pairings with premium features as well as competitive fees,”
CatalX was founded in 2017 and has been operating under license by Bittrex from the beginning. While officials from neither company have confirmed it, there is speculation that the CatalX is a Bittrex project designed to suit the Canadian market.
The key question on traders’ minds will be in regard to liquidity. In other words, will CatalX clients have access to the Bittrex exchange, or will this be a totally different venue? Both options may attract customers, but the Bittrex access would be preferable to more clients.
There are several reasons for having a separate Canadian company, however. Image and trust issues aside, Canada’s regulatory requirements are somewhat tough. The rules are likely to evolve even further, especially given the multiple (and active) financial watchdogs in different provinces.
Currently, potential traders can sign up for a beta version of CatalX, while Bittrex is considering an expansion of the fiat to crypto offering.