DigitalX to integrate Canvas privacy focused L2 Blockchain into its operations

DigitalX to integrate Canvas privacy focused L2 Blockchain into its operations

Canvas and ASX-listed blockchain technology firm DigitalX, have revealed that they have collaborated with  Canvas Connect, the privacy focused ZK Layer 2 blockchain, to test 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.

David Lavecky, CEO of Canvas Digital said, “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.”

DigitalX CEO Lisa Wade commented, “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.”

Lavecky added, “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.”