EmurgoHK, the commercial arm of the Cardano blockchain, has joined with online trading platform IronFX to raise $22.3 million in a private sale to fund a new cryptocurrency exchange set to open in December.
The exchange will be known as IronX and will utilise the ERC-20 compliant IRX token as its native token but is expected to use Cardano’s ADA token for its standard trading pairs also.
UPCOMING ICO
The exchange has already been granted a licence to operate in Estonia and is reported to be pursuing similar arrangements in Gibraltar.
When first announcing the venture back in June, EmurgoHK highlighted the bridge IronX will provide between conventional foreign exchange trading and cryptocurrency trading “…by facilitating traders of both types to move their positions between the various asset classes.”
Next milestone for the company is a public ICO aiming to attract an additional $50 million which will start on Thursday and scheduled to run until 15th December.
During the sale, IRX tokens will be priced at $0.44 and can be purchased in a minimum of $100 using BTC, ETH or Wire.
EmurgoHK, in partnership with Charles Hoskinson’s software house IOHK, has been a core component of the Cardano project’s success but also pursues independent projects of its own.
