Cryptocurrency Exchange IronX Raises $22.3 Million in Private Sale

IronX, the cryptocurrency exchange being launched by Cyprus-based multi-asset broker IronFX, has sold 67.6 million tokens in its private sale, according to an announcement disseminated via its Telegram group.

In fiat terms, the sale took in approximately $22.3 million.

$50 Million Target

The exchange is being opened in partnership with EmurgoHK Group, the Hong Kong-based entity behind the Cardano "developed from a scientific philosophy" Blockchain . The native token of the Cardano blockchain is ADA Coin. This will be the base currency of IronX, and was actually integrated into IronFX's fiat Trading Platform in July 2018.

According to the Telegram message, the companies behind the new exchange have an existing user base of 1.2 million people. IronX aims to make $50 million in the next stage - the public sale. This is set to run from the 1st of November to the 15th of December, with a minimum investment of $100.

In September 2018, the budding exchange was granted a licence to operate in Estonia and is currently pursuing a licence in Gibraltar too.

Choice of Token, Jurisdiction

ADA, market capitalisation $1.8 billion, is a "completely new way of going about things", according to Cardano founder Charles Hoskinson. He told Finance Magnates in February 2018 that he expects it to overtake Bitcoin and Ethereum by February 2019.

In January 2018, ADA futures were launched on BitMEX, a Bitcoin/dollar derivatives market-based in the Seychelles. The exchange provides 20x leverage on the futures. Additionally, it is to be the native token of the new blockchain smartphone of Israeli company Sirin Labs.

Estonia is a crypto-friendly country - it was the first European nation to propose the idea of a national cryptocurrency, although the idea did not come to fruition in the end. Similarly, Gibraltar became the first jurisdiction in the world to activate a full legislative framework for blockchain companies this year. It awarded its first licence in October 2018, to Coinfloor from the UK.

The expected launch date of IronX is December 2018.

In fiat terms, the sale took in approximately $22.3 million.