Pantera Capital Tips ICON to Outperform All Other Cryptocurrencies

Cryptocurrencies, Investors, News

Towards the end of April 2018, Pantera Capital, went on record to say that their single biggest crypto investment is in ICON. Pantera Capital was formed in 2013 and headed up by CEO, Dan Morehead. Morehead told Bloomberg that bitcoin “is a screaming buy right now,” but with over $1 billion tied up in his cryptocurrency hedge fund, you would expect him to be bullish on its future.

ICON (ICX) is known as the “Korean Ethereum” since the main aim of the token is to be a platform for other networks like ERC20. Despite the prominence of Korean software developers, the ICON Foundation is registered in Switzerland as the South Korean government banned ICOs in September 2017. As with most ICOs, residents from the USA, China, and Singapore were not able to participate and had to wait until the token became available on the crypto exchanges.

The token price for the ICO was set at 0.00040 ETH which was about 11 cents at the time, with a minimum investment of 0.01 ETH and a maximum of 30 ETH. The ICO raised their target funding of 150,000 ETH (over $42 million) in less than seven hours on September 20, 2017, with half coming from strategic partners, like Pantera, and the other half from the public pre-sale. The token was issued in December 2017, and around 60% of the daily volume is traded on the Binance exchange.

The price of the token rose sharply, from the 11 cent ICO price, up to an all-time high (ATH) of over $12 in January 2018, before falling below $1.70 in March 2018. It was listed for the first time on South Korea’s largest crypto exchange, Bithumb, in March 2018, and the price again rose sharply to $4.00. The development team announced in April 2018 that they had completed the coding for the token swap from ERC20 to the native ICX token. The token swap is scheduled to complete in May 2018 when all the exchanges have confirmed their systems have been adapted to accept the new token.

The strapline used by ICON is “Hyperconnect the World” because they can interconnect different decentralized blockchain networks. The token is also used to build digital apps (DApp), and Blue Whale is the first DApp using ICON. Blue Whale is using the ICONest launch platform for their token sale (BWX), which provides a “decentralized ecosystem for the self-employed.”

Pantera Capital must be confident that ICON can achieve their objectives by tipping them as their number one investment. Presumably, they are expecting ICON to reach a new ATH in the medium term for their hedge fund 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.

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