Breaking Cardano news: Emurgo launching ADA based IronX exchange, public ICO start set for Thursday

The firm “Emurgo” is owned by one of the founders of Cardano (ADA) – Ken Kodama, and the company is one of the three pillars of Cardano project. Actually, since couple of weeks ago, it is one of the two pillars as Emurgo and IOHK announced their split from the Cardano Foundation.

Emurgo just broke out the news about their new project – a crypto exchange with ADA as the base currency.

EmurgoHK has partnered with online trading platform IronFX to crowdsource $22.3 million in a private sale to start a new cryptocurrency exchange set to open in two months,  December 2018.

The exchange dubbed as IronX will utilise the ERC-20 compliant IRX token as its native token but plans to use Cardano’s ADA token for its standard trading pairs as well. Holders of IRX will receive a significant discount on exchange fees, similar to what Binance does with BNB token and transactions when using IronX, as well as other services and benefits.

IronFX, has sold 67.6 million tokens in its private sale, according to an announcement published via its Telegram group. IronFX, the mother company of the new exchange, currently holds full market-making licenses in the UK, Australia, South Africa, and Cyprus, making it one of the most regulated online trading brokers in the world.

The exchange has already acquired a license in Estonia and is allegedly pursuing another one in Gibraltar.

Next step for the company is a public ICO that has a $50 million cap which will start on Thursday and scheduled to run until 15th December.

Cardano (ADA) is currently ranked as the 8th cryptocurrency on the list of top digital currencies by market cap, though the project is yet to meet its full potential.

EmurgoHK, in collaboration with ADA co-founder Charles Hoskinson’s software house IOHK, has been a cornerstone of the Cardano project’s success but also pursues independent projects of its own.

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