Yesterday, as reported by The Finetech- a technology-focused media outlet, marked the launch of a 26 million USD initial coin offering ICO by the crypto exchange IronX. IronX is regulated crypto trading platform. It is a joint establishment of IronFX (a digital trading firm) and EmurgoHK (the name behind the development of Cardano ADA which is among the top cryptos as per the crypto market capitalization.)
The trading platform IronX allows its users to trade in both fiat currencies (a variety of fiat currencies are allowed based on the country of the investor), as well as in cryptocurrency. The crypto exchange supports its native token IRX, Bitcoin (BTC), Ethereum (ETH), PumaPay (PMA), ADA, EOS, Litecoin (LTC), NEO, Stellar (XLM), and Ripple (XRP) Tezos (XTZ.)
The customers can’t directly start to trade on the exchange. The first requirement is for them to register them on the crypto exchange. Once the registration is successfully done, then the customer needs to pass the KYC approval, which stands for- ‘Know Your Customer.’ Once this is done, it is now that the customer will get ten IronX crypto tokens- IRX automatically in their accounts. The current list of the crypto tokens is not complete; the crypto exchange plans to add more cryptocurrencies in the coming times.
It seems that the popularity of ICO is declining in the crypto market. In comparison to the previous years, one can see less and less ICOs are getting launched by the crypto firms and exchanges. For instance, as per the reports from the ICO analytics website TokenData, if we compare the money raised through ICO in the first quarter of this year and the previous year, we will find that approximately 118 million USD has been raised in 2019. This amount is 58X less than the amount raised in 2018, which was- 6.9 billion USD. As per the reports, TokenData analyzed 2,500 crypto projects since 2017. Out of 2500, only 45 percent could raise money successfully.
On the other hand, Global Blockchain Business Council (GBBC) surveyed institutional investors in February. This survey told that 19 percent of the participants think that there will be a regular investment in the digital assets and the trading will get normalized in the next two years. A good percentage of 41 percent of participants of the survey think that in the coming five years more institutional investors will only enter the initial coin offering sector. Yet there was a percentage of the survey participants who think there is no potential in initial coin offerings whatsoever. This percentage is 23 percent.