Crypto Exchange IronX Announced By FX Brokerage Firm IronFXbr>
Foreign exchange trading provider IronFX has announced that it will be launching a cryptocurrency exchange later this year.
Founded in 2010, IronFX is a broker providing access for speculators to the retail foreign exchange market. It is regulated by the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Financial Services Board (FSB) in South Africa.
Dubbed IronX, the crypto exchange platform is being created in collaboration with EmurgoHK Group, developer of the Cardano Blockchain and the ADA Coin. IronX, which is currently pursuing a Gibraltar blockchain license, will operate as a regulated, service-focused exchange that facilitates funding via both fiat and crypto. Participants in the IronX exchange ecosystem will have the ability to use their crypto accounts to move positions into margin trading at IronFX and vice versa.
“We are delighted with the success of our private token sale amidst difficult market conditions,” said Markos A. Kashiouris, Chairman, and CEO of the IronFX Group. “This reinforces the need we recognized for a regulated and service-focused exchange to facilitate trading via both fiat and cryptocurrencies in a seamless trading ecosystem combining crypto and traditional online trading. 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.”
The crypto exchange platform will leverage the resources of IronFX, including its regulatory and operational practices, back office, risk management, account management, and payment and banking solutions. This will allow IronX to provide a true customer-centric experience for users. EmurgoHK will provide liquidity from the outset by listing their ADA Coin on IronX.
“The IronX Exchange is a very exciting Joint Venture for the EmurgoHK Group to bring in a new era of Crypto Exchanges with the IronFX Group,” said Kenji Sasaki, Co-Founder of Cardano and Corporate Officer of EmurgoHK. “Our partnership with this major global force in online trading, combined with our in-depth understanding of blockchain technology and the global crypto-community, will address the key issues being faced by crypto investors and traders at the moment. At the same time, this is an excellent opportunity to list ADA Coin on a leading regulated exchange.”
IronX native token, IRX, will be the main coin for the platform. Holders of IRX coins will receive a significant discount on exchange fees and transactions. IRX token holders will also be able to explore additional benefits among the other group’s companies, such as higher leverage, trading bonuses, VIP account status, personal customer support service and more.
IronX began a private sale for IRX on June 4, with a cap set at $50 million, and a token price of $0.33. The sale is by invitation only with a minimum contribution of $50,000, for a limited time only.