Home / Finance News / Binance Announces Support for ICON (ICX) Mainnet Token Swap

Binance Announces Support for ICON (ICX) Mainnet Token Swap

· June 13, 2018 · 7:00 pm

Binance, the cryptocurrency alternate platform behemoth, will improve the ICON ICX mainnet token change. The platform introduced the transfer in a weblog publish on its website online on June 13, 2018. The announcement most probably brings to an finish the confusion over the standing of ICX mainnet and ERC-20 ICX tokens.


Details of the Token Swap

According to the Binance statement, the platform will droop all ICX deposits and withdrawals starting June 20, 2018. ICX holders have till that point to switch their ERC-20 ICX tokens to Binance. The platform will care for the vital back-end technical processes for the token change. The alternate additionally printed that ICX deposits and withdrawals will recommence as soon as the mainnet stabilizes.

The ICON mainnet introduced on January 24, 2018. Based at the authentic ICON roadmap, the token change was once intended to happen in May 2018.  Delays over the change have heightened apprehension amongst ICX holders, a few of whom bought the tokens all over its all-time prime (ATH) of $12.

Part of the explanation for the prolong was once the shortcoming of the undertaking crew to come to a decision at the precise mechanism for sporting out the token change. Back in April 2018, the crew presented two imaginable routes – by way of its ICONex pockets or thru decided on alternate platforms.

ICX/USDT Trading Pair

In addition to the token change, Binance additionally introduced a brand new ICX/USDT (Tether) buying and selling pair. According to the platform, buying and selling opens for the cryptocurrency pair on June 13, 2018.

At the time of this writing, the cost of ICON is $1.90 – ICX tokens are down by way of greater than 6 % within the remaining 24 hours regardless of the Binance token change announcement. For a temporary duration after the announcement, ICX spiked to $2.06 however has since dropped under the $2 mark.

ICX/USDT Trading Pair

ICON is an interchain blockchain community that seeks to permit seamless interplay between other decentralized networks. With ICX because the middleman token, ICON goals to permit networks like Bitcoin and Ethereum to be in contact with none lack of autonomy for both blockchain.

The undertaking additionally needs to supply interchain transaction products and services the place a DEX reserve determines the alternate charges of cryptocurrencies. According to CoinMarketCap, it’s the 23rd-ranked cryptocurrency, with a marketplace capitalization of $762 million. ICON lately inked a massive partnership with LINE to create ‘Unchain.’

Will ICX traders be capable of relaxation more straightforward now after the Binance announcement? Share your perspectives with the group within the remark segment under.


Images courtesy of Twitter/@binance, CoinMarketCap.

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