FreedomCoin Will Permit Firearms Purchases Without Credit Card Restrictions

Announcements, Blockchain, Regulation | February 3, 2019 By:
Warren Zevon didn’t ask for lawyers, guns and crypto. But he might have if he was around for the debut of a new utility coin.
ICOx Innovations Inc.  which creates branded blockchain economies and corporate currencies for established companies, plans to build FreedomCoin, a new digital currency that will allow the users of, an online marketplace for hunting, outdoor sports, and firearm products to pay for purchases.
The site claims it has more than 4.7 million customers and $600M in yearly transactions. The new FreedomCoin is a stablecoin that will be purchased with US dollars and stored in a digital wallet. Using FreedomCoin will allow gun purchases that avoid the firearms purchasing restrictions imposed by credit card companies and other payments systems. The coin is expected to be available by late spring.
“We are excited to bring the over 4.7 million customers has in its network the ability to buy and sell products with a corporate cryptocurrency and blockchain-enabled infrastructure,” said Bruce Elliott, President of ICOx Innovations. “This is the one of the first use cases that I’m aware of where a compliant cryptocurrency can truly replace the need for other costly and time-consuming payment options, which is something of extreme value to GunBroker’s users. With hundreds of millions of dollars transacted annually on, this may potentially become the most retail transacted cryptocurrency in the US.”
ICOx has been contracted by BitRail LLC, a blockchain-based payments infrastructure, to design and build the FreedomCoin for use by the Network. The FreedomCoin will be a stable coin pegged to the US dollar.
ICOx will charge up to $2M for the design and development of the FreedomCoin as well as monthly maintenance fees. Separately, ICOx has entered into a non-binding MOU with the principals of FreedomCoin to earn up to 20% of the equity in FreedomCoin along with monthly license and maintenance fees.
“Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions,” said Steven F. Urvan, CEO and chief technology officer at “Thanks to ICOx and BitRail, now we can virtually eliminate that problem and expose a whole new segment of gun and outdoor enthusiasts to the world of digital payments.”