Estonian-regulated cryptocurrency exchange IronX launches publicly after raising $26 million in initial coin offering (ICO).
Yet another new cryptocurrency exchange, IronX, has publicly launched after raising $26 million in an initial coin offering (ICO).
According to a report by the Fintech Times on 4th April, IronX is a joint venture by digital trading firm IronFX and Cardano (ADA) crypto developers EmurgoHK, that was formed in October 2018.
The exchange is regulated by the Estonian Financial Intelligence Unit and audited by Hosho and Hacken, and is reportedly looking at obtaining licenses Gibraltar and Malta, as well as a Payment Institution license in the UK.
The new exchange allows users to trade in fiat currencies including the US dollar, euro and Japanese yen, and cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar (XLM), PumaPay (PMA), ADA, EOS, NEO, Tezos (XTZ), and native token IRX, with more to promised later.
Interestingly, the exchange will be integrated with a traditional trading portal, allowing users to also exchange FX, CFDs, stocks, futures, commodities and indices, with a 50% discount on trading commissions paid in the exchange’s native token IRX.
Apparently, new IronX users will receive 10 IRX automatically simply for opening an account and successfully passing Know Your Customer (KYC) checks.
Commenting on the public launch IronX CEO, Dimitris Hatzis, said:
“We are delighted with our public launch, which gives investors access to the IronX platform. As promised, our platform users will be offered a 50% discount for trading fees paid with IRX tokens in frames of the IRX loyalty programme. They will also have access to cryptocurrency and fiat pairings. We are planning to add more features to our platform on the later stages, together with an increased number of listed cryptocurrencies,”
IronX has bucked the trend in terms of ICO success, as despite the wild figures being raised a couple of years ago, according to ICO analytics website TokenData, the total raised in ICOs in Q1 2019 was a massive 58 time lower, at just $118m, than the $6.9 billion raised in Q1 2018. Emphasising the challenges faced by ICOs was the fact that, out of the 2,500 projects traced by TokenData since 2017, just 45% of them were successful at raising money.
AYO.NEWS says:
Does the world need yet another crypto exchange? Who knows, but at least it seems IronX are doing things properly – regulated in a respected jurisdiction, Estonia, and looking to get licenses in Gibraltar, Malta and the UK. The fact that they managed to run a successful ICO at a time when investors are extremely demanding, shows their product, team and plans must be exceptional.
