Binance Announces Icon (ICX) Mainnet Token Swap, Price Jumps

Neutral Binance Announces Icon (ICX) Mainnet Token Swap, Price Jumps

One of the world's largest exchanges, Binance, has just revealed that it will be supporting Icon's (ICX) mainnet within the upcoming week.

Binance Supports Icon Mainnet Swap

Binance has finally announced that it will be swapping the ICX ERC-20 tokens for the official mainnet coins, five months after the official release of the mainnet.

Icon planned for the exchange mainnet swaps to occur earlier this year, but Binance just got around to working on the swap process According to a post on the Icon's official blog, the Huobi, OKex, Bithumb, and Upbit exchanges are also working on supporting the ICX mainnet. Icon's team made it clear that they are working with these exchanges to ensure it happens as fast as possible.

To aid this swap, Binance has announced that all ICX deposits and withdraws will halt on June 20th, ensuring that this swap is as smooth as possible. However, it seems that Binance will not cease ICX trading during this transition period, similar to what happened with the EOS mainnet release.

Due to the fact that all trading on Binance is off-chain, there should be no problem with buyer to seller trades on the Binance platform during the token swap process. When Binance begins the token swap, it is expected that the mainnet claim window will last for a total of three months long, giving holders ample time to get the tokens they deserve.

Users will not need to do anything to obtain their mainnet tokens, with Binance handling all of the technical details regarding the swap. Once Binance finishes the swap they will allow for deposits and withdrawals to resume, specifically stating:

We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable.

In addition to supporting the token swap, Binance has also announced that they have just opened a USDT/ICX trading pair, much to the surprise of some.

Icon has suffered along with the cryptocurrency market, dropping over 80% since its early January all-time high. Despite the price decline, ICX's price saw a nice bump when Binance released the aforementioned announcement, beating Bitcoin by over 9% on the day.

According to CoinMarketCap, ICX tokens are currently sitting at $2.08 U.S. and are up 9% over the past 24 hours.

If ICX holders are still holding the ERC-20 version of ICX in their personal wallets, it is advised that these users transfer them to a mainnet supported exchange to get the full value of the token.

ICON - An Interoperability Focused Blockchain Project

For those who are unaware, Icon is a South-Korean based project that hopes to help connect independent blockchains with one another, so-called interoperability. The topic of interoperability has been a key theme in the industry, with many believing that this characteristic will be essential in future blockchains.

ICX is currently working to connect a variety of top cryptocurrencies projects, including Bitcoin, Ethereum, and Qtum. By allowing different chains to communicate with each other, Icon's team hopes to allow for decentralized coin swaps and for the increased efficiency and use-cases of existing blockchains.

The token swap is a key part of Icon's ambitious goals, with the swap allowing for users to obtain tokens on the mainnet chain where extensive development will occur.

Image from Shutterstock

06/14/2018 / 08:00:46 Source: newsbtc

BTC
1 BTC=$5,654.59
XRP
1 XRP=$0.4639
ETH
1 ETH=$180.31
XUC
1 XUC=$3.50
BCH
1 BCH=$451.49
EOS
1 EOS=$4.68

News Feed 50

Themerkle Neutral - XRP Overtakes Ethereum’s Market Cap as Price Recovers Faster read more.
11/15/2018 / 08:07:09
Ccn Neutral - Ethereum GPU Mining Profitability Has Declined Dramatically: New Research read more.
11/15/2018 / 08:05:49
Coinnounce Neutral - Cryptocurrency Market losers of the day: BCH, XLM, IOTA, ETC and ADA read more.
11/15/2018 / 07:35:50
Newsbtc Neutral - #Bitcoin Cash Price Analysis: BCH/USD Crash Could Gain Pace Below $400 read more.
11/15/2018 / 07:30:20
Coindesk Neutral - Bitcoin Miner Canaan’s IPO Looms as Filing Status Now ‘Lapsed’ read more.
11/15/2018 / 07:24:38
Cointelegraph Neutral - CoinShares CSO Demirors Urges Calm Among Bitcoin Investors as Prices Slide 12 Percent read more.
11/15/2018 / 07:13:00
Cryptonewsreview Neutral - Crypto markets fall: Bitcoin price holds at $5,600; Top 10 coins all see big losses 24hrs read more.
11/15/2018 / 07:10:43
Livebitcoinnews Negative - #Bitcoin Price Analysis: BTC/USD What Caused That Sharp Drop? read more.
11/15/2018 / 07:00:34
Livebitcoinnews Neutral - Australian Taxpayer Scammers Favor Bitcoin over iTunes Vouchers read more.
11/15/2018 / 07:00:33
Ccn Neutral - Crypto Carnage: Market Loses Staggering $26 Billion in 24 Hours, Where to Next? read more.
11/15/2018 / 06:33:50
Cryptoglobe Neutral - Ripple Partners With Malaysian Universal Bank CIMB Group to Expand RippleNet read more.
11/15/2018 / 06:32:30
Newsbtc Negative - #Ethereum Classic Price Analysis: ETC/USD Tumbles To New 2018 Low read more.
11/15/2018 / 06:28:30
Coinnounce Neutral - #Ripple Price Analysis: Will XRP fall ahead? read more.
11/15/2018 / 06:19:54
Cryptonewsreview Neutral - Planned Bitcoin mining company’s IPO looks dead read more.
11/15/2018 / 06:16:16
Themerkle Neutral - To Hodl or to Sell, the Question Every Investor Is Grappling With in This Bear Market read more.
11/15/2018 / 06:12:09
Bitcoinist Neutral - Bitcoin Technical Analysis: Bitcoin Cash Civil War Drives BTC to a 1-Year Low read more.
11/15/2018 / 05:51:05
Cryptonewsreview Negative - $30m exit scam: CEO behind it looks like they’ve got the guilts read more.
11/15/2018 / 05:49:22
Cryptonewsreview Neutral - Bank Of America has a new cryptocurrency patent read more.
11/15/2018 / 05:30:43
Coindesk Neutral - After the Fork: How Competing Bitcoin Cash Blockchains Might Wage War read more.
11/15/2018 / 05:00:42
Newsbtc Neutral - #Ripple Price Analysis: XRP/USD Nosedives, Turns Bearish Below $0.4600 read more.
11/15/2018 / 05:00:25
Themerkle Neutral - Crypto Price Watch: Bitcoin (BTC) Plummets to Annual Low While Other Top Altcoins Also Face Market Heat read more.
11/15/2018 / 04:40:52
Bitcoin.Com Neutral - Bitcoin ATMs Most Common Scam Payment Method in Australia read more.
11/15/2018 / 04:35:00
Newsbtc Negative - Over $28 Billion Dumped in Crypto Market’s Largest Crash of The Year read more.
11/15/2018 / 04:19:40
Ccn Neutral - Another One Bites the Dust: Google Account Hacked in Twitter Bitcoin Scam read more.
11/15/2018 / 03:27:02
Coindesk Neutral - Buy or Sell? What Traders Think About Tomorrow’s Bitcoin Cash Fork read more.
11/15/2018 / 03:01:44
Livebitcoinnews Neutral - Switzerland’s SEBA Says It’s on the Verge of Obtaining a Banking and Securities Dealer License read more.
11/15/2018 / 03:00:50
Cointelegraph Neutral - Poll: Interest in Crypto as Payment Method Makes Small Inroads Among Moscow Residents read more.
11/15/2018 / 02:58:00
Bitcoin.Com Neutral - Stablecoins Fetch a Premium as BTC Hits Year Low read more.
11/15/2018 / 02:55:14
Cointelegraph Neutral - Four Fake Cryptocurrency Wallets Found on Google Play Store read more.
11/15/2018 / 02:25:00
Ccn Negative - Guilty Conscience? $30M Crypto Exit Scam in South Korea Refunds Victims read more.
11/15/2018 / 02:20:09
Newsbtc Neutral - #ETH/USD Price Analysis: Below $200 ETH Mining is Useless, Hash Rate Drop read more.
11/15/2018 / 02:10:53
Newsbtc Neutral - #Bitcoin Cash Price Analysis: BCH/USD Could Test $300 or $850 by End Week read more.
11/15/2018 / 02:05:22
Newsbtc Neutral - #Bitcoin Price Analysis: BTC/USD Must Dump before Bulls Reign in 2019 read more.
11/15/2018 / 02:00:16
Cryptoglobe Neutral - NEO Founder: Blockchain Over-Regulated, Promotes the Emergence of a New Regulatory System read more.
11/15/2018 / 02:00:00
Ccn Neutral - Nearly 1% of the Total Ethereum Supply is Locked in the MakerDAO Smart Contract read more.
11/15/2018 / 01:15:54
Cointelegraph Neutral - Malaysian MP Urges Gov’t to Create Regulations Before Approving Political Funding Coin read more.
11/15/2018 / 01:13:00
Livebitcoinnews Neutral - Maecenas Teams Up with John McAfee to Tokenise Picasso Painting on the Blockchain read more.
11/15/2018 / 01:00:59
Bitcoin.Com Neutral - Russian Developers to Help Iran Build Its Crypto-Economy read more.
11/15/2018 / 00:55:42
Themerkle Neutral - Fork Drama Sends Cryptocurrency Markets Spiraling Past Double Digit Losses read more.
11/15/2018 / 00:38:39
Ccn Neutral - Marshall Islands President Survives Crypto-Infused No-Confidence Vote read more.
11/15/2018 / 00:20:54
Cointelegraph Neutral - New York Digital Investment Group Subsidiary Acquires New York BitLicense read more.
11/15/2018 / 00:12:00
Themerkle Neutral - As Bitcoin Dropped Sharply, The Reactions Differed Greatly read more.
11/15/2018 / 00:07:54
Newsbtc Neutral - Australian Taxpayers Have Paid $1 Million to Scammers Through Bitcoin ATMs Since July read more.
11/15/2018 / 00:00:47
Ccn Neutral - Op-Ed: Will Crypto Miners Abandon Craig Wright’s Bitcoin Cash Fork? read more.
11/14/2018 / 23:25:12
Bitcoinist Neutral - Earnings Season: Traders Shift From Cooling Crypto Market to Volatile Stocks read more.
11/14/2018 / 23:00:20
Newsbtc Neutral - Tokyo Police Crackdown on Alleged Crypto Pyramid Scheme, Arrest Eight Individuals read more.
11/14/2018 / 23:00:10
Livebitcoinnews Neutral - Retail Giant Target Becomes Latest Victim of Bitcoin Twitter Scam read more.
11/14/2018 / 23:00:02
Cryptoglobe Neutral - Rosetta Coffee Company Now Accepts Cryptocurrency Payments Via New E-Commerce Platform read more.
11/14/2018 / 23:00:00
Bitcoin.Com Neutral - Fork Watch: Disputed Consensus and an Abundance of Game Theory read more.
11/14/2018 / 22:55:10
Cryptoinsider Neutral - Daily Crypto Roundup 11/14/2018 read more.
11/14/2018 / 22:50:45
Negative
3.2%
Neutral
95.3%
Positive
1.4%
Mixed
0.1%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.