Cryptocurrency Exchange IronX Launches Following $26 Million ICO

Cryptocurrency exchange IronX has launched for the public following a $26 million initial coin offering (ICO), technology-focused media outlet The Fintech Times reported on April 4.

IronX is a regulated trading platform that was jointly established by digital trading firm IronFX and EmurgoHK, developers of the ninth-largest crypto by market cap, Cardano (ADA) in October of last year.

IronX’ users can now trade in both fiat currencies like the U.S. dollar, euro, and Japanese yen and cryptocurrencies. The exchange supports Bitcoin (BTC), Ethereum (ETH), PumaPay (PMA), ADA, EOS, Litecoin (LTC), NEO, Stellar (XLM), Ripple (XRP) Tezos (XTZ), and its native token IRX.

Prior to trading, customers will have to register on the platform and pass Know Your Customer (KYC) approval. After that, they will reportedly receive 10 IRX automatically. The exchange is reportedly going to add more listed cryptocurrencies and features at a later date.

As Cointelegraph reported earlier this week, ICO analytics website TokenData found that in the first quarter of 2019, about $118 million had been raised through ICOs, which is over 58 times less than the $6.9 billion raised during the same period in 2018. The report also revealed that of the 2,500 projects that TokenData tracked since 2017, only 45 percent successfully raised money.

In February, a survey of institutional investors conducted by the Global Blockchain Business Council (GBBC) revealed that 19 percent believe that digital assets will be regularly invested in and traded by 2021. Per the survey,  41 percent believe that institutional investors will only enter the ICO sector in the next five years, although 23 percent said that they do not see investment potential within the ICO market.