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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 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.

Rubber ducks image via Shutterstock

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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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.