IronFX Group, the global multi-regulated foreign-exchange trading provider, is launching a cryptocurrency exchange in collaboration with EmurgoHK Group, a Hong Kong-based blockchain accelerator and creator of the Cardano Blockchain and the ADA Coin.
The new crypto venue, called the IronX Exchange, will operate as a regulated, service-focused, exchange that facilitates funding via both fiat and cryptocurrencies, Finance Magnates has learned.
Beyond the functionality, the firm says the partnership will combine EmurgoHK’s blockchain experience with IronFX’s existing regulatory and operational practices, processes and solutions.
In addition, IronX Exchange will allow the FX broker to provide real operating company functions including back-office, risk management, account management, payment, and banking solutions.
According to IronFX, this existing accumulated experience will be used as a bridge facilitating this process of moving positions from cryptocurrencies trading into traditional online trading.
Integration with traditional trading
The IronX Exchange’s ecosystem will allow its clients to use their crypto accounts and digital assets to migrate or move (partially or fully) positions into the IronFX’s platform. That way, the company hopes to attract traders looking for an easy way to switch between crypto and traditional asset classes.
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The IronX Exchange has also commenced a private token sale by ‘Invitation only’ to launch its own IRX tokens and develop the platform further. The pre-sale for this private token event opened on June 4, 2018, with 200,000,000 tokens expected to be offered during the pre-sale phase, out of an expected 500,000,000 tokens. Each token’s price will be $0.33.
The website of IronX Exchange further explains that “Holders of IRX coins will also benefit in a variety of ways. Based on holding levels, they will be entitled to additional services and incentives. Another such benefit is the issuance of discounts on spread paid in IRX tokens to IronX traders who use their crypto funds to open a trading account with the IronFX Group.”
Commenting on the launch, Kenji Sasaki, Co-Founder of Cardano and Corporate Officer of EmurgoHK, stated: “The IronX Exchange is a very exciting Joint Venture for the EmurgoHK Group. Our partnership with a global online trading powerhouse, like IronFX, combined with our in-depth understanding of blockchain technology and the global crypto-community, will address the key issues being faced by crypto investors and traders around the world at the moment, and look forward to the launch of IronX and a new era in the space of Crypto Exchanges”
Markos A. Kashiouris, Chairman & Founder of the IronX Exchange, added: “The IronX Exchange is a Joint Venture between the IronFX Group, a global leading online trading broker and EmurgoHK, the blockchain pioneer and creator of the Cardano Blockchain technology and the ADA Coin, to create a fully regulated and service focused Crypto Exchange, providing in parallel a seamless bridge between traditional and crypto trading. Leveraging IronFX Group’s highly experienced, multi-award winning team, strong customer base, real standing worldwide operation and global regulatory framework, combined with the pioneering blockchain expertise provided by the EmurgoHK Group, the venture is well positioned to deliver successfully in its mission.”
Ophir Gertner, Founder of Smartologic.io, commented: “We are very excited to advise and back this project from two global leaders, the IronFX Group and EmurgoHK. The distinctive characteristic of this venture is the combination of two real large groups with highly complementary experience and expertise, in online trading in traditional asset classes and blockchain technology respectively, as well as the real global operational excellence and expertise, combined with a strong regulatory focus to operate exchanges and service impeccably clients around the world. We are convinced of the success of the private Token Sale, as well as IronX Exchange.”
Yuki Terai, Head of Japan of the IronX Exchange mentioned: “The IronX Exchange will focus on providing a top-level service to clients based on strict operational satisfaction KPIs, backed by the safety of strong regulatory framework while transferring expertise from the existing global operational network of the IronFX Group. At the same time, we will aim to provide a seamless bridge for the client to participate in an easy and costless way in both the crypto and traditional online trading world, by combining the strengths and back-end operations of both platforms.”