Binance Announces ICON (ICO) Token Swap

Binance Announces ICON (ICO) Token SwapBinance took to Twitter on June 13, 2018, to announce the much-awaited ICON (ICX) token swap. As per the original ICX roadmap, the token swap was expected in May 2018. ICX confirmed in May that they had completed all the work required for the token swap but that they were waiting for exchanges to make the necessary changes.

The full disclosure was posted on the Binance website as:

Binance will support the ICON (ICX) Mainnet Token Swap and will suspend deposits and withdrawals for ICON (ICX) starting from 2018/06/20 0:00 AM (UTC). Binance will handle all technical requirements involved for all users holding ICX.
We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable.
Binance will also open trading for the ICX/USDT trading pair at 2018/06/13 8:00 AM (UTC).

When the news broke, it pushed up the price of ICX from 28,670 to 31,910 satoshis. ICX relinquished some of the 11% gains as investors took their profits and bitcoin continued to fall away. The ICO price for ICX was just 11 cents, and news of the token swap pushed it up to over $2.00, albeit temporarily.

In addition to the token swap, Binance confirmed that they had introduced a USDT (Tether) pairing for ICX. With other announcements in June 2018 confirming that Binance is planning to accept Sterling and Euro pairings, it should help ICX, and other alts, move away from bitcoin’s dominance. ICX has been marketed as Korea’s Ethereum, and the token swap brought this a step closer. It is believed there will be up to 300 ICOs launched on their network in the next few years.

Just as the price of ether shot up when projects launched their ICOs on the Ethereum network, the expectation is that ICX will also now go from strength to strength. Investors that bought at the all-time high (ATH) for ICX of $12 were becoming concerned that the project was behind schedule. One individual even took to Reddit to pen the following poem the day before the token swap was confirmed.

We will probably never know if this prompted Binance to break the news of the token swap, but either way, it was welcome news for ICX investors.

Financial analyst, smartphone app designer, technical writer, and crypto enthusiast. Blockchain verified graduate of MOOC 9, DFIN-511: Introduction to Digital Currencies, run by the University of Nicosia.