The IronX crypto exchange has reportedly sold 67.9 million tokens during a recently held private sale. The exchange which was developed by Cyprus-based foreign exchange provider IronFX raised approximately $22.3 million during the sale. As a joint initiative between IronFX and EmurgoHK Group, the IronX exchange project was announced in June 2018. The EmurgoHK Group is a Hong Kong-based business entity that is contributing to the ongoing development of Cardano (ADA).
In its next stage, the IronX exchange is aiming to make around $50 million in a public sale. This public sale is set to run from November 1 till November 15, with a minimum investment of $100. This budding crypto exchange was granted a license in September 2018 to operate in Estonia. The native token of Cardano (ADA) will be used as the base currency for transactions on the IronX exchange. ADA has been added onto IronFX’s foreign exchange platform in July 2018.
As per IronX crypto exchange’s Telegram notice, the companies developing this new crypto asset exchange presently has over 1.2 million users. This huge user base may be helpful in increasing awareness about the new exchange platform and thereby result in more funds being generated for the project, as reported on Finance Magnates.
At the moment, the exchange’s management team is trying to obtain regulatory approval to operate in Gibraltar. The Estonian government, as most tech enthusiasts are aware, has encouraged its citizens to adopt and use the latest technological innovations. The country considers access to internet or WiFi as a basic right and is thus offered as a free service to the citizens of Estonia.
Estonia was the first European nation to consider launching its own national digital currency. Hence it is known as one of the most crypto-friendly jurisdictions. However, owing to regulatory concerns raised by the European Union, the country did not follow through with its plans.
Apart from crypto exchange IronX, the BitMEX exchange also launched ADA futures in January 2018. Israel-based Sirin Labs’ blockchain-based smartphone will also be using ADA as its base currency, as reported on CryptoGlobe.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]