The joint venture between forex and CFDs brokerage company IronFX and EmurgoHK, the IronX exchange announced the final result from its token sale. The company added another $4 million to the initially announced $22.3 million in October 2018.
The private phase of the token sale remained the heavy-lifter in a tough cryptocurrency market. The company was aiming to raise a total of $50 million when it announced the conclusion of the private sale last October.
The cryptocurrency exchange platform aims to deliver to its clients a wide range of products combining the existing solutions of IronFX such as forex, indices, commodities, and equities.
Recently IronX deployed the beta version of its trading platform. Commenting on the conclusion of the private sale, the company’s CEO Dimitris Hatzis said: “As impressive as has the sale has been, we still have much work ahead, and look forward to working with new contributors.”
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IronX is issuing an ERC-20 utility token backing the usage of the exchange. The fees paid with IRX will lead to additional discounts for the end-clients using the product. The most significant contributors to the sale will have voting rights enabling them to vote on new coin listings on the exchange.
Difficult ICO Market
The token sale of IronX puts into perspective the difficult conditions on the ICO market. The crypto bear market has impacted a number of projects that got announced over the past several months.
The $4 million proceeds come after three months of the public phase of the sale. Since October the total value of the cryptocurrency market halved with Ethereum being among the currencies that got hit the hardest.
A development team from EmurgoHK, which is behind the Cardano blockchain project will assist the IronX Exchange’s formation and provide liquidity by listing the ADA Coin. EmurgoHK is a Hong Kong registered firm dedicated to the development, support, and incubation of commercial ventures via Cardano’s decentralized blockchain ecosystem.