IronFX brokerage firm has announced on Tuesday that it will partner with EmurgoHK, a Hong Kong-based blockchain firm and creator of the Cardano Blockchain, to launch its cryptocurrency exchange platform. The launch is expected to take place in the 4th Quarter of 2018.
“With this Joint Venture, the IronFX Group will provide access to the mass retail market through its deep order book, customer-centric approach, and ready-made connection to existing exchanges and liquidity providers,” CEO of IronFx, Markos A. Kashiouris, said in a statement
The joint venture called the exchange platform “IronX,” is now waiting to be regulated under Gibraltar’s Financial service watchdog responsible for fintech firms before it begins operation.
According to IronFX, the license will enable the platform to operate as a fully registered exchange hopefully before the fourth quarter of 2018.
Gibraltar is among the first countries to offer full regulation for firms that are into Digital Ledger Technology (DLT) to operate within its territory.
The country gave a condition stating that all blockchain-related firms must be licensed under the Gibraltar Financial Service Commission (GFSC) before beginning operation.
Details of IronX Exchange Platform
The idea behind the merger as reported in June is to bridge the gap between digital currencies and fiat currencies in online trading.
IronFX, a global online broker, with a customer base of more than 1.2 million active online trading accounts, had to combine the blockchain experience of EmurgoHK’s, whose ADA coin is ranked as the ninth-largest cryptocurrency on Coinmarketcap.
This move will go a long way to provide a safe, secure, and convenient exchange platform for its users.
According to reports, a private token, IRX token was also developed, and sales for the token was launched in June.
The token will be traded as the native currency on the platform. At the time of the token launch, around 200,000,000 tokens were released for sale out of the expected 500,000,000 tokens at the rate of USD 0.33 to “invited investors.”
The exchange platform will utilize the proof-of-stake algorithm, where coin holders will be entitled to enormous benefits such as – trading bonuses, personal customer service support, etc.
At the same time, IronX intend to create a unified trading platform where participants will be able to use their crypto accounts to move positions into margin trading at the already regulated IronFX and vice versa.