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ICON (ICX) Jumps 25%, ICONLOOP Gets Government Recognition

Cryptocurrency markets have been pretty flat over the weekend with no major movements for the top two, Bitcoin and Ethereum. A couple the altcoins have done very well however and one of them is ICON.

Often dubbed the Ethereum of South Korea, ICON has been making some big moves over the past week. ICX has been one of the best performing altcoins over the past couple of days. According to an ICON Foundation medium post its recently rebranded technology partner, ICONLOOP, has been selected to participate in ‘Cultivating Innovative Youth Talents 2018’ supervised by the Korea Ministry of Science and ICT (MSIT) and the Korea Institute for Information & communications Technology Promotion (IITP).

It is a large-scale government backed public project which aims at strengthening national competitiveness in technologies and solving the unemployment problem through the cultivation of youth talent. With around $100 million in government funding expected over the next four years the news is positive for ICONLOOP which will be working closely with 53 members. For the next six months ICONLOOP will be providing a thousand hours of intensive curriculum for students at Baekseok University.

CEO of ICONLOOP and council member of the ICON Foundation, J.H. Kim, addressed the rebranding stating;

“The rebranding makes a lot of sense as we are now finally ready to push the ICON project here in Korea. Our team is fully committed to contributing to the ICON project and servicing the ICON Foundation,”

ICX is currently trading 25% higher on the day at $0.912 according to coinmarketcap.com. Over the week ICX has made a 40% recovery from $0.648 this time last Monday as trade volume has surged from $16 million to $84 million per day. ICON is still down 27% on the month though; it was trading at $1.26 this time last month. ICX reached an all-time high of over $12 in January so looking at current levels this altcoin is massively undervalued.

The team has also announced a $5 million coin buyback scheme which was unanimously voted by the members of the council. The effort assures the community of ICON’s commitment to developing value for the token holder. ICON Foundation Council Member, Min Kim, added;

“ICX repurchase program is a great way to give back to our community as well as reinforce confidence in our own project. In these times of uncertainty, we want to make it clear that our interests are fully aligned with our community for the long term.”

Judging by recent performance ICX could already be on the way to a speedy recovery.

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ICON (ICX) Collaborates With Qtum Blockchain Native Platform To Enhance Prediction

Collaboration in the world of blockchain really means a lot to most coins in the market, exactly while all strive to get one partnership or another.

Boastful of independent blockchain that comprises of “reputable institutions in major industries,” ICON has successfully initiated a strategic partnership with the Bodhi Foundation, a prediction based platform that is a native of Qtum blockchain.

ICON partnered with the prediction platform, according to a release issued on the medium page of the altcoin, with the belief that both entity involved will work hand in hand to promote one another.

“ICON and Bodhi will work together to enhance Bodhi’s prediction platform through interconnecting with other blockchains in the ICON network. The strategic partnership with Bodhi will strengthen the ICON community in China and may lead to more collaboration with DApps on other platforms,” the statement reads.

The allegiance, on Bodhi side will help increase prediction accuracy, transfer of value to different blockchain since ICON is a member of ‘Blockchain Interoperability Alliance’ and lastly, deploy Bodhi’s Dapp to ICON’s blockchain platform this year, while in ICON’s interest, it will increase its diversity.

Acknowledging the partnership, JH Kim, a member of ICON council narrated:

“Bodhi is the first live prediction market on a mainnet and it already has active users utilizing the product, having Bodhi on board will enhance the diversity and strength of the decentralized application ecosystem on the ICON platform.”

The founder of Bodhi Prediction Market, Xiahong Lin, while expressing his excitement over the development said: “ICON has a strong technological edge, a great user base and healthy ecosystem. Although Bodhi is native to the Qtum blockchain, we believe it is important to have footprints in other protocols as each of them has the advanced features. The partnership with ICON enables us to facilitate more accurate predictions and better reach out to Korean users.”

ICON (ICX) Token Migration

The news of the collaboration came along with the Cryptocurrency’s ICX token migration which is in progress with claims from the foundation that all activities involved remains smooth with no issues encountered.

ICON will be moving its token away from the Ethereum based ecosystem ERC20 where it was initially launched.

Even though the migration move is coming now, ICON is not the first Cryptocurrency to make such move, as Tron and EOS had theirs recently.

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ICON Token Swap Underway With 'No Issues,' Foundation Says

Millions of dollars worth of ICON tokens are now on the move – as the cryptocurrency project begins its token migration.

Designed to connect independent blockchain communities with a variety of governance strategies, the ICON protocol first launched its crypto token, ICX, on the ethereum blockchain, but – in what has become an increasingly popular process – is now moving those tokens over to its very own blockchain.

More specifically, the project, which launched its mainnet in January, is tasked with swapping around $42,750,000 worth of ERC-20 tokens with an equal amount of native ICX tokens from now until September 25.

And according to the ICON Foundation, the organization in charge of development, so far it’s been smooth sailing.

Speaking to the process that started June 20, a representative for the foundation told CoinDesk:

“No issues have been reported and we haven’t had any on our end.”

As previously reported by CoinDesk, only supported exchanges – Binance, Upbit and Bitthumb – can currently shift ICX tokens to the new blockchain.

Therefore, according to the foundation, token holders must transfer their tokens to one of those exchanges in order to start the migration process. Later this month, on June 25, token holders will also be able to use the ICONex wallet to migrate their ICX tokens.

As soon as the migration is complete, users will be able to resume ICX deposits and withdrawals, the foundation said, although an estimated completion date was not provided. However, supporting exchanges indicated that they will wait to reopen deposit and withdrawal services until the ICON mainnet has proven safe.

“We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable,” Binance said on its website.

For now, ICX token holders must trust the ICON Foundation and the supporting exchanges to execute the swap successfully. However, the foundation stated it may yet provide users with oversight of the migration.

“As of now there is no place to watch the process, however, we are exploring ways to make this possible,” a representative for the foundation told CoinDesk.

ICON, a crypto with a collective market capitalization of about $800 million, is only one of the top thirty cryptocurrencies to attempt a token migration in recent weeks. Tron, which aims to use its blockchain infrastructure create a “truly decentralized internet” kicked off its token migration on Thursday. Likewise, the scalability-focused EOS protocol underwent a token migration earlier in June.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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$800 Million ICON's Token Swap to Take Place Within 24 Hours

The countdown has begun for smart contracts protocol ICON’s June 20 token swap.

On Wednesday, investors will swap their existing ethereum-based ICX tokens, used for project fundraising, for coins on a live version of ICON, effectively exchanging all existing tokens in an elaborate code migration. Launched in 2017, ICON aims to connect independent blockchain communities, each with their own governance proposals, to a governing blockchain based on a protocol called loopchain.

ICON sold 50 percent of its ICX token supply for the idea in a sale last September, raising 150,000 ETH worth around $42,750,000. The project launched its blockchain in January this year, and according to CoinMarketCap, it has a collective market capitalization of about $800 million.

Still, investors have yet to be issued ICX tokens.

As such, ICON’s swap will be implemented at an exchange rate of 1:1 (1 ethereum ICX token for 1 mainnet ICX coin) via the ICONex wallet from June to September 25, as well as through supporting exchanges. Users will have until Wednesday to transfer their tokens to Binance and Upbit, and until Thursday for Bithumb – the only three exchanges supporting the swap, according to ICON.

In the event that, instead of using the ICONex wallet, token holders wish to have an exchange carry out the migration process, ICON has advised users to have approximately 0.002 ETH in their ICX-ethereum wallet in order to pay for the transaction.

Once ethereum tokens are swapped for ICX coins, the fundraising tokens will be burnt, with those that don’t make the swap being locked once the swap period ends. This is to prevent further use of the tokens. (ICON has not yet indicated how token holders can track the progress of the swap.)

But if tomorrow will mark the live version of the long-awaited platform, it hasn’t all been smooth sailing in the run-up to the swap. For example, there has been some confusion within the community as to when the token migration was set to occur.

Unlike other projects, such as EOS, ICON opted to conduct its token swap after its mainnet launch. The project said at the time of the launch that it planned to delay the swap, projected for March in the project’s roadmap, until after it released its native wallet.

However, by early April, the project had yet to announce the date of the swap, and later apologized for what it called a “lack of communication leading to confusion throughout the community,” in an update on its Medium page.

Additionally, the project encountered some technical difficulties.

On June 16, a bug was discovered in ICON’s smart contract, allowing any user except the smart contract creator to disable token transfers. Although developers resolved the issue the same day, that didn’t stop users from faulting the project for its coding oversight in this instance.

Like other projects, ICON has also expressed concerns over potential scams. Yesterday, the ICON Foundation warned users of those who could be impersonating the project during the swap, such as actors requesting ICX to be sent to individual wallets rather than the ICONex wallet and supporting exchanges.

In addition to releasing its mainnet and preparing for the token swap, ICON recently announced partnerships with the Deloitte Startup Advisory Group and social media platform Line Plus, adding to their list of enterprise partners which include Samsung, Wanchain, Hyundai and Aion.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Breaking News: Bug Discovered in ICON Smart Contract – Token Transfers Disabled

Reports have emerged that there is a bug in the ICON smart contract code. This programming error is being exploited by spammers to disable token transfer transactions. With the ICX token swap only four days away, this is yet another setback for the much-maligned cryptocurrency project.

Details of the Bug

According to a Reddit post, there is a critical error in the ICX ERC-20 token smart contract. Despite the ICON development team characterizing it as a minor error, users report that hundreds of thousands of transactions have been canceled. The reportedly allows anyone except the contract creator to disable or enable ICX token transfer on a network-wide level. A Redditor by the name of “NotYourMothersDildo” claims that someone has been spamming the ICON blockchain, disabling transactions in the process. According to the Reddit poster, the bug is the same one found in the Yggdrash cryptocurrency project.

An examination of the smart contract code shows the fragment where the error resides. It seems like a typographical error in the “onlyFromWallet” modifier. This particular modifier controls the ICON token transfer function via the “enable” and “disable” command gates.

The modifier with the incorrect code controls the fragment in the image below A Redditor with the username “firesquidwao” explains the problem thus:

This part of the code is a modifier. The modifier uses the thing in the require() to see if it is allowed, when called, to run the code in the {} in the two functions to enable/disable. However, instead of saying the message sender must be ==(equal) to the wallet address of the creator of ICON. It means that the message sender must !=(not equal) to the wallet address of the creator of ICON. So, everybody except for the creator of ICON then fits the requirement to use the modifier, and therefore everybody but him can enable/disable Token Transfer.

Another Setback for ICON

The news of the bug is the latest setback for the ICON project. For months, delays over the ICX token swaps kept investors apprehensive until Binance announced its support a few days ago. Binance even reportedly disabled all ICX token transfers but has since reversed the decision even though the problem appears to exist still.

Min Kim, a co-founder of ICON acknowledged the bug in a tweet. Kim said the bug was a minor issue and that steps were already being taken to rectify the problem permanently. However, even if the mistake appears small, the problem that it causes isn’t insignificant. Fixing code errors in a public blockchain can sometimes be a challenging endeavor. Thus, the question now is whether the development team can obtain a solution before the token swap on June 20.

While the story unfolds, the consensus on social media is that such a thing shouldn’t have occurred in the first place. Many believe that the development ought to have audited and tested the smart contract code before rolling it out to the public.

How big of an indictment do you think this latest setback is on the viability of the ICON project? Will this bug cause a delay in the ICX token swap? Keep the conversation going in the comment section below.

Image courtesy of Reddit and Twitter (@minhokim)

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After Trive And Samsung, ICON (ICX) Partners Deloitte On Empowering Blockchain Projects

ICON (ICX) and Deloitte Startup Advisory Group have signed a Memorandum of Understanding to advance blockchain projects in the world, ensuring the empowerment and commercialization of blockchain based projects.

The partnership extends to Deloitte Blockchain Lab, a blockchain incubation firm that has developed and commercialized over 30 blockchain projects.

ICON, in the partnership will see to the strengthening of the two in the blockchain world, thereby increasing the use cases of blockchain technology.

The Deloitte Startup Advisory Group is a body that renders professional services for the commercialization of blockchain based projects, offering accounting/financial consulting, tax advisory, risk consulting, investment sourcing and overseas advancement support.

Through the partnership, more startups would be empowered by proffering incentives to promising ideas.

“We expect to expand our blockchain network and activities with the collaboration of Deloitte’s global network and partners,” JH Kim, ICON council member stated.

Why rendering his voice, YH Kim, Managing director of Deloitte Startup Advisory Group, stated: “Collaboration between leading companies in the blockchain business is essential. By working with ICON we look forward to creating best practices for applying blockchain technology in the real world and expand our strength in the blockchain industry.”

Trive Parners ICON

ICON has been gaining massive recognitions over the month, recently it partnered with TRIVE, formally referred to as “TRi5 Ventures”, a Singapore-based venture capital industry. The two will be developing an ICON-centred blockchain courses. The courses are to be taught using TRIVE’s programming schools, Upcode Academy Singapore, and Coder School Vietnam.

Samsung Pass Service To Use CHAIN ID

CHAIN ID, developed using loopchain, a technology invented by ICON, is signaled to be used in “Samsung Pass” service.

CHAIN ID is regarded as the world’s first blockchain joint authentication service devised using theloop’s proprietary ‘loopchain’ engine.

ICON Partners Line Plus, To Invent Unchain

ICON has partnered with LINE PLUS, a social platform with more than 200 million monthly average users worldwide, to invent ‘Unchain’, a technology centered on developing many DApp services.

Owing to the numerous chain of partnerships that ICON has been gaining over the years, it is enough to say the ICON technology is the next revolution in the blockchain space.

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Icon Partners with Singapore VC Firm Trive, ICX up 24%

It seems that not a day goes by in Southeast Asia without a crypto partnership announcement. The region truly has become the hub of everything crypto as the US continues with strict regulation and investigation into the embryonic industry.

Today South Korea’s Icon announced that it will be partnering with Singapore based Venture Capital firm Trive (previously known as ‘TRi5 Ventures’). According to the announcement the strategic collaboration is the first of its kind in the VC industry in Southeast Asia. It is aimed to educate, equip and empower the regional startup and blockchain community. Trive invests in technology startups and has over seven years of VC, mentoring and advisory experience.

Icon is often referred to as Korea’s Ethereum, whereas instead of being a straight out dApp platform it serves more as a network or web to connect various blockchains together and strives to develop a global standard for interoperability. The two parties will be leveraging Icon’s technological expertise with Trive’s regional network to develop Icon based blockchain courses for educational institutions in the region.

Trive will also assess startups and provide expedited access to Icon support for blockchain development with the overall goal being “to unify various blockchain assets across the region to realize the potential of blockchain for Southeast Asian economies.”

Foundation Council Member of Icon, JH Kim said;

“The partnership with TRIVE will allow ICON to not only educate the public on blockchain technology, but also expand ICON’s ecosystem and community. Singapore and Vietnam are at the center of blockchain innovation in Southeast Asia, and we are excited to work with TRIVE to further realise the full potential of blockchain in this region.”

While Trive partner Yi Ming Ng stated;

“Our strategic partnership with the ICON Foundation will enable us to equip our startups and community with intellectual and relationship capital leveraging the technology and expertise of ICON, one of the largest global blockchain networks. Our mission has always been to create value for startups beyond just providing funding. This strategic partnership further reinforces our mission and helps us be more relevant in the era of the blockchain.”

Icon’s token ICX has been performing well during today’s trading, with gains of 23.5% on the day. At the time of writing ICX was trading at $2.75, up from yesterday’s monthly low of $2.21. It reached an all-time high on January 10 of $12.40 and is considered one of the high potential cryptocurrencies of the moment for its unique approach to blockchain cross operation and standardization between major industries.

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Japanese Messaging Platform Line Partners with Korean Crypto Icon (ICX)

When crypto companies announce large partnerships their tokens usually head skywards. This has not been the case for South Korea’s Icon when news broke of a new partnership with Japan’s messaging giant Line. Seemingly gone are the days when a good news story or a social media shill would pump an altcoin.

According to reports Line has an estimated 200 million users, mostly in Japan and Thailand where it has become the chat app of choice. Its parent company, South Korea’s Naver, is involved in a wide range of digital communications technologies and its latest big project is blockchain. The joint venture will involve the development of a platform called Unchain which will build dApp services while expanding the ICON ecosystem.

The official announcement on the ICON’s medium page stated;

“Unchain will create a blockchain ecosystem fueled by a token economy, where the users are rewarded for their contributions to the network. DApp services discovered through ICON and Unblock, a subsidiary of LINE dedicated to blockchain research and to accelerate DApp projects, will be integrated with Unchain. This joint venture takes blockchain and decentralization another step closer to being a part of our everyday lives.”

The collaboration could potentially result in hundreds of millions of Line users adopting the ICON blockchain platform to access dApps. There has yet to be a widespread adoption of a blockchain based dApp platform by the masses however a few are striving for just that such as Tron which will be separating from the Ethereum network shortly.

This partnership signifies a solid long-term potential for adoption on a huge level which sits well with the ICON team’s motto of ‘hyperconnect the world’. The new independent blockchain lab will enable the LINE development team to start exploring the potential of the technology and its implementation into everyday software. ICON, often dubbed the ‘Ethereum of South Korea’, was the obvious choice.

Surprisingly ICX prices did not react and they have been down-trending for the past week. The digital coin has lost 9% on the week and is currently trading at $3.90 despite a huge spike in trade volume over the weekend. In the past 24 hours ICX has gained a little and is currently up 2.5% on the day, nowhere near its all-time high of $12.50 back in January.

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Subsidiary of Korean Search Giant Naver Launches Blockchain Venture For Decentralized Apps

Line Plus, the mobile platform subsidiary of Japan’s most popular messaging app Line, has launched a joint blockchain initiative – Unchain – with crypto platform ICON, Cointelegraph Japan reports today, May 16.

In the beginning of April, Line Plus had also released its blockchain affiliate Unblock in South Korea, in order to integrate blockchain tech into Line’s cross-market system. Line is itself a subsidiary of South Korean search engine giant Naver, but is based in Tokyo to avoid competition from Kakao.

Line’s press release notes that Unchain will work with Unblock to bring Line’s blockchain mainnet and its DApps closer together by using ICON’s blockchain technology. ICON’s Hong-kyu Lee, who will be Unchain’s CEO, said in in the press release that they “expect to promote an array of blockchain-based dApp services for daily use”:

“The rise of these services is expected to catalyze the growth of LINE and the ICON blockchain ecosystem.”

ICON is currently ranked 19th on Coinmarketcap, trading for around $3.87 and down about 10 percent by press time.

At the end of March, Line competitor Kakao officially announced their own blockchain subsidiary as part of their Kakao 3.0 business plan.

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ICON to EOS: 3 Cryptos Are Leading the Market Recovery

The cryptocurrency markets regained some poise in the week ending March 23, with several individual tokens making more notable gains.

Overall, the total market capitalization of all cryptocurrencies clocked a weekly high of $356 billion on March 21, and was last seen at $345 billion – up 29 percent from the low of $275 billion see on March 18.

The recovery could be attributed to bitcoin’s (BTC) 24 percent rise to $9,160 from the weekly low of $7,335, as well as more positive general news flow. As of writing, BTC is trading at $8,547, meaning the cryptocurrency has appreciated by a meager 2.5 percent on a weekly basis.

Once again, small-cap names like ICON’s ICX token, EOS, and Qtum were the strongest gainers in the top 25 cryptocurrencies by market capitalization.

Top Gainers

ICON

Monthly performance: 64.44 percent
All-time high: $12.04
Closing price on Mar. 16: $2.25
Current market price: $3.7
Rank as per market capitalization: 19

ICON’s ICX token, February’s best-performing cryptocurrency, rose to $4.02 on Binance on Thursday – its highest level since Feb. 26. ICX ran into bids after Bithumb, one of the largest cryptocurrency exchanges in South Korea, announced it would list ICX on March 21. Upbit, Korea’s largest exchange, also listed the token on March 22.

Trading volume rose above $0.2 billion on March 21 for the first time since Jan. 30. That day was also the highest single-day trading volume since Jan. 9, according to CoinMarketCap. The high volume rally indicates the ICX token will likely extend gains in coming weeks.

EOS

Monthly performance: 34.38 percent
All-time high: $18.71
Closing price on Mar. 16: $5.09
Current market price: $6.84
Rank as per market capitalization: 6

EOS witnessed a bullish doji reversal this week and clocked a weekly high of $7.28, as per Bitfinex data. Apart from the broad-based crypto market recovery, the rumors of exchange listings and joint venture news seem to have helped the cryptocurrency post good gains week-on-week.

That said, EOS is still struggling to beat the falling channel resistance, having created a doji candle yesterday that indicates indecision in the marketplace. So, EOS might be in for a pullback before the falling channel resistance is breached in a convincing manner.

Qtum

Monthly performance: 22.83 percent
All-time high: $106.88
Closing price on Mar. 16: $14.98
Current market price: $18.4
Rank as per market capitalization: 18

Qtum (QTM) jumped to a one-week high of $21.84 on March 21, according to Bitfinex data. The cryptocurrency notably spiked 60 percent on March 19 after Binance added the Qtum-Binance Coin (QTUM/BNB) and Qtum-Tether (QTUM/USDT) trading pairs.

However, the initial buzz created by the new pairs seems to have faded, as QTM has traded in a sideways manner for the last 36 hours. Further, the 14-day relative strength index (RSI) remains below 50.00 (bearish territory) despite the sharp week-on-week gains. The outlook would turn bearish if prices drop below $16.23 (Feb. low, as per Bitfinex).

Top losers

NEM

Monthly performance: -15.89 percent
All-time high: $2.09
Closing price on Mar. 16: $0.338381
Current market price: $0.284618
Rank as per market capitalization: 13

NEM’s XEM token was one of the top performing cryptocurrencies of the week ending March 16. However, the follow-through this week has been anything but encouraging. The “death cross” (bearish 50-day moving average and 200-day moving average) crossover confirmed on March 17 (as per Poloniex data) seems to have weighed over the token.

Cryptocurrency exchange Binance added XEM-Binance Coin (XEM/BNB), XEM-Bitcoin (XEM/BTC) and XEM-Ether (XEM/ETH) trading pairs earlier this week, but the news failed to put a floor under XEM prices.

Also, beginning March 18, the NEM.io Foundation disabled the tracking mosaic intended to monitor movements of XEM stolen in the Coincheck hack, although it is unclear whether the news had anything to do with the price drop.

VeChain

Monthly performance: -14.87 percent
All-time high: $9.45
Closing price on Mar. 16: $3.9
Current market price: $3.32
Rank as per market capitalization: 17

VeChain’s VET token was the last week’s top performing cryptocurrency. However, prices fell to $2.89 on March 19 on Binance – the lowest level since Feb. 6.

The investor community had anticipated a price drop, courtesy of a reduction in liquidity due to an X Node lock-up. Further, investors see little incentive to buy the token in the short run, unless there is big positive news before the mainnet launch in June. Consequently, VET may remain under pressure in the days ahead.

Nano

Monthly performance: -12.70 percent
All-time high: $34.43
Closing price on Mar. 16: $8.82
Current market price: $7.7
Rank as per market capitalization: 22

Nano (NANO) fell to $5.97 on March 18 – the lowest level since Dec. 25. Although Koinex, one of India’s top cryptocurrency exchanges, listed NANO yesterday, still prices closed (as per UTC) down 4 percent. Furthermore, the team behind Nano shared its roadmap and vision for the future this week, but there was no noticeable impact on prices.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.