EmurgoHK, the company behind 8th largest cryptocurrency Cardano (ADA) is launching a crypto exchange IronX which sold 67.6 million tokens in private sale and set for its public sale today. Cardano community is excited as it will allow traders to “move their positions between various asset classes” viz. shares, currencies & commodities.
Exciting Times Ahead for Cardano (ADA)
Hong Kong-based EmurgoHK has partnered up with IronFX to start a new project i.e. IronX, a crypto exchange with ADA as its base currency. The firm is owned by one of the founders of Cardano (ADA) Ken Kodama.
IronX is a fully regulated and supported exchange for crypto investors, online traders and ICOS.
Created by global leaders in online trading the IronFX Group and Emurgo HK, creators of Cardano and ADA Coin, IronX represents a new era in online trading.https://t.co/I2wXDoS1XD
— IronX Exchange (@IronXExchange) November 1, 2018
According to the announcement, the project sold 67.6 million tokens which are worth about $22.3 million in the private sale. The public sale for the project is expected to start from today. The exchange has already obtained a license to operate in the UK, Australia, South Africa, and Cyprus and is further looking at Gibralter for expansion.
IronX Exchange shared about Emurgo on Twitter,
“Established in 2007, EmurgoHK is a global leader in blockchain technology and the venture builder for the Cardano blockchain protocol and its hugely successful native cryptocurrency, the ADA Coin. Located in Hong Kong.”
IronX is touted as a “fully regulated and supported exchange for crypto investors, online FX and commodity traders and ICOs.”
The Alpha version of the platform is already ready as mentioned by the company, “We already have an Alpha version of our exchange, is ready to go through stringent testing.”
First introduced in June, the official announcement had stated, “IronX is a cryptocurrency exchange that will help bridge the worlds of FX and cryptocurrency trading, by facilitating traders of both types to move their positions between the various asset classes. This will allow crypto investors to diversify into the traditional investment world, as well as providing an easy and safe way for non-crypto investors to explore the world of tokens. This is expected to increase awareness and adoption of cryptocurrencies and has the potential to benefit the entire industry.”
This has the Cardano community excited as one Redditor shares, “I think people still don’t realize that; IronX is not a crypto exchange it exchanges everything shares commodities etc. Cardano will not just be a random crypto supported, the entire project will be built on Cardano computational layer (once Cardano evolves to support all functionality including Cardano tokens. Once this happens the IRX will change from ERC to a Cardano token), EmurgoHK is Cardano.”
Cardano (ADA) is the 8th largest cryptocurrency which is currently trading at $0.07 while registering 24-hours gains of 1.84 percent.
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.