Fireblocks Now Supports CANVAS Connect the privacy focused Layer 2, Enabling Confidential and Encrypted Transactions On Ethereum.
close icon

DigitalX to integrate

Monday, May 01st, 2023

Canvas Privacy Focused L2 Blockchain into its Operations

Sydney, Australia

Canvas and DigitalX Limited (ASX:DCC), a prominent ASX-listed blockchain technology firm, revealed today that they have collaborated with  Canvas Connect, the privacy focused ZK Layer 2 blockchain, to integrate it into their operations.

DigitalX has completed testing of Canvas Connect the Layer 2 network in its own projects successfully trading Stablecoins for Tokenised Real World Assets.

DigitalX intends to adopt Canvas Connect as one of its preferred zkrollup solutions for future client projects. This adoption will ensure that both DigitalX and its clients benefit from confidentiality, privacy, scalability and low transaction fees provided by Canvas Connect.

Canvas Connect offers a privacy driven zkrollup, with confidentiality, high scalability, and low transaction fees, making it an ideal solution for the finance industry seeking to implement blockchain technology whilst remaining compliant with regulatory requirements.

The collaboration between Canvas and DigitalX demonstrates both companies' commitment to driving innovation and progress, as traditional finance evolves into blockchain-based networks.

Why This Matters
It combines DigitalX's expertise in areas such as blockchain development, financial services, and regulatory compliance with Canvas's proven privacy-focused Layer 2 Blockchain. Canvas confidential and privacy focused Layer 2 Blockchain was specifically designed for financial institutions governments and corporates to seamlessly expand their capabilities in tokenising various financial products (such as Central Bank Digital Currencies, Bonds, Bank deposits, and Securities etc) and the digital economy as a whole. Canvas solutions provide assurances of privacy, confidentiality, scalability and low transaction costs, all secured by Ethereum.

Key Quotes
David Lavecky, CEO of Canvas Digital: "This is an exciting opportunity for Canvas to demonstrate the power of our privacy focused Layer 2 blockchain network. By working together, we can provide DigitalX and its clients with innovative and efficient solutions that harness the full potential of a privacy focused blockchain technology, driving innovation and transformation across financial markets."

Lisa Wade, CEO of DigitalX: "Collaborating with Canvas Digital allows us to access their privacy focused Layer 2 blockchain network, Canvas Connect, which offers privacy, confidentiality, scalability, and low transaction costs. This will enable us to better serve our clients that are revolutionising traditional financial systems and supercharge our key strategic initiatives, our  real world asset tokenisation fund and digitising investment processes.

David Lavecky, CEO of Canvas Digital: "The challenge financial institutions, governments, and corporates face when adopting public blockchain networks is the lack of privacy, high & uncertain transaction fees and slow transaction speeds. By leveraging Canvas Connect, DigitalX can comprehensively deliver solutions that leverage the confidentiality provided by zero-knowledge proofs, the scalability and low cast provided by a Layer 2 network. This collaboration empowers DigitalX to continue on its mission to embrace the advantages of blockchain technology while maintaining privacy, efficiency and cost-effectiveness, thereby paving the way for more secure and efficient financial markets."

About Canvas
Canvas is a global blockchain company with a mission to digitise finance. Canvas services consist of a confidentiality focused Layer 2 ZK network, along with a suite of critical Financial Markets Applications enabling the Transfer, Trade & Investment of digital assets with assurances of privacy, confidentiality, low cost and high speed.

By leveraging emerging technologies like Zero Knowledge Proofs and Layer 2 networks, Canvas is able to provide the critical infrastructure needed by governments, financial institutions and corporates as they begin to adopt Digital Assets & trade digital securities in the Digital Economy.

CANVAS was created in the belief that like the rise of the internet and e-commerce, Blockchain, Digital Currencies & Tokenised Assets will radically transform financial and capital markets over the next decade with trillions of $ of securities and currencies to be tokenized and traded 24/7/365.

About DigitalX Limited (ASX:DCC)
DigitalX is a technology and investment company focused on growing the blockchain economy through its digital asset funds management business, digital fintech and regtech products, and blockchain ventures.

DigitalX’s product team designs and develops blockchain technology applications for business and enterprise organisations.

Through its asset management division, DigitalX provides low-cost traditional asset management products for qualified investors looking to gain exposure to the growing alternative asset class of digital assets, including Bitcoin.

DigitalX is currently commercialising Drawbridge, the Company’s first regtech solution which is supporting listed companies to better manage their compliance and corporate governance policies. With Drawbridge, companies can manage employee and director share trading approvals in order to safeguard their reputations. | | |

For more information please contact:
Nancy McDonald I NMDPR I + 61 474 432 437

Learn more about the CANVAS use case here

Learn more about the CBDC pilot here