After raising a whopping $26 million in its December’s Initial Coin Offering (ICO) and another $22.3 million from private fundraising, IronX is now open for trading three months later. The exchange platform held its public launch last week Thursday and users can now register to begin trading.
IronX is a collaboration between crypto broker IronFX and EmurgoHK. The latter are the brains behind Cardano (ADA) – the 9th largest token by market capitalization. The exchange was founded and duly registered in October 2018.
The platform supports a host of cryptocurrencies including Bitcoin, Ethereum, Cadano, Ripple token, Litecoin, Stellar, Tezos, PumaPay and IRX. The exchange in its bid to attract institutional investors also supports forex- users can also trade fiat currencies, commodities, and tradable assets like gold all under one roof.
To promote the exchange’s native token, IRX, the platform will be awarding 10 IRX tokens to every pre-registration that gets the Know Your Customer (KYC) approval. Also, IronX’s CEO Dimitris Hatzis reminded prospective users during the launch that the firm will uphold its promise to offer 50% discount for trading fees settled with IRX.
Hatzis promised that the platform will continue to augment its offerings with more crypro listings and additional features expected in the future.
Gloomy future for ICOs
IronX stands as one of the lucky ones to hold a successful ICO recently. According to statistics by TokenData reported by the Wallstreet Journal, funding through ICOs has declined significantly. As of the Q1 2019, ICOs have raised about $118 million only, a disturbing gap from $6.9 billion raised in Q1 2018. Investors are weary of ICOs considering only 45% of 2,500 projects tracked by TokenData from 2017 raised money. November’s crypto prices crash also contributed to more skepticism.
Powerful voices in the crypto space projected that institutional investors would be swarming the industry in 2019. A recent survey about the same had 23% of the respondents pessimistic about the potential of institutional investors joining the crypto space. 41% were of the opinion that institutional investors would join the bandwagon in the next 5 years but only if the sector will be adequately regulated.