Conflux Network, asserting itself as the singular regulatory-compliant, public, and permissionless Layer-1 blockchain in China, on Friday declared its role in introducing Hong Kong ‘s stablecoin axHKD with fintech company AnchorX.
Conflux Network and AnchorX Unveils AxHKD Stablecoin
AnchorX, a fintech firm situated in Hong Kong, has collaborated with Conflux Network for scalability and security and OKLink Trust for custody services for its axHKD stablecoin, according to a press release on March 8.
Introducing AxHKD, the Hong Kong Dollar-backed stablecoin!
Conflux is facilitating the beta-testing of the Hong Kong Dollar-backed stablecoin, AxHKD, on its platform.@AnchorX_Ltd aims to dominate Asia’s digital currency landscape by delivering reliable global exchanges. AxHKD… pic.twitter.com/4RGpQ8uMH7
— Conflux Network Official (@Conflux_Network) March 8, 2024
The company intends to launch the stablecoin initially on Conflux Network, followed by the Ethereum blockchain. The axHKD stablecoin will ensure a 1:1 peg to the HKD, supported by high-quality liquid asset reserves safeguarded by a segregated trust arrangement and held by the country’s regulated financial institutions, including 13 billion AUM private equity firm Hony Capital.
AnchorX envisions AxHKD for two primary applications including global cross-border transactions and fiat-on-chain system for virtual asset trading. The company believes it will help uplift innovation in Real-World Assets and bridge the gap between traditional and digital assets in Hong Kong.
“This collaboration represents a significant milestone in the fusion of traditional finance and the Web3 realm, enhancing the practicality of digital currencies for everyday transactions,” conveyed Conflux founder Fan Long.
Hong Kong’s Stablecoin Sandbox
The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have displayed receptiveness to regulate virtual assets amid escalating demand. The Hong Kong authorities have also proposed a regulatory regime for stablecoin issuance.
Additionally, the stablecoin “Sandbox” arrangement has attracted noteworthy players including China’s Harvest Global. AnchorX also plans to explore participation in the imminent regulatory sandbox for a robust stablecoin regulatory regime.
Hong Kong is also fortifying its regulatory framework with measures such as urging all crypto exchanges and firms to register for the crypto license before February-end.
Meanwhile, Conflux (CFX) price has surged by 5% in 24 hours and 25% in a week. The trading volume has also surged by over 60% over the last 24 hours.
About The Sandbox
The SAND token runs on the Ethereum blockchain and serves as the main asset of The Sandbox platform, within which you can create and explore game universes. Until 2018, the game was an ordinary centralized project, but then the developer Animoca Brands bought it to implement it on the blockchain.
Many people compare “Sandbox” with Minecraft, and indeed, they have similar voxel graphics, and you can also use various resources, such as sand, earth, lava, water, glass. Players are given various tasks, for example, manufacturing materials, construction. You can create your own worlds in the designer and upload them to the general gallery.
