Exchanges Roundup: Ironx Raises $22.3M in Private Sale, IDCM to Target STOs

In this edition of Exchanges Roundup, we focus on Ironx, which has just wrapped up a $22.3 million private sale. We also look at International Digital Currency Markets’ plans to provide solutions for security token offerings, as well as some of the new exchanges opening in Estonia.

Also Read: The Daily: Outcry Over Censoring of Gab, Chinese State Media Plugs Bitcoin Book

UK Minister Reaps Windfall
After Ironx Resignation

Ironx, a cryptocurrency exchange that Cyprus-based Ironfx plans to launch in December, sold 67.6 million IRX tokens after raising $22.3 million during its recent private sale. The tokens were sold for just shy of $0.33 each.

Stephen Hammond, a former vice chairman of the U.K. Conservative Party and current member of the U.K. Treasury Committee, recently resigned from Ironx after working for the company for just four days. Based on the pricing for the planned exchange’s private sale, the 50,000 IRX tokens that Hammond received as remuneration would be valued at approximately $16,500.

Ironfx will open the Ironx exchange in partnership with Emurgohk Group, the Hong Kong-based company behind Cardano. ADA will be the base currency on Ironx.

IDCM Reveals Plan to Become
‘Cryptocurrency Investment Bank’

Andrew Wong, a managing partner at International Digital Currency Markets, recently spoke to the South China Morning Post about the company’s long-term plans, which include becoming a full-fledged crypto investment bank.

“Part of that process would be to provide a solution for a security token offering, where a pool of investors is screened and cleared to invest,” Wong said.

Estonian Licenses Attract Exchanges

Estonia’s licenses for exchange and wallet service providers are continuing to attract virtual currency companies, with cryptocurrency exchange XRP United launching operations in the country last week. The exchange uses XRP as its base currency and presently supports BCH/XRP, ETH/XRP, and BTC/XRP. It also intends to support XMR/XRP once a Monero wallet has been implemented on its platform.

Crowdwiz is another company that has recently secured a license to provide wallet and exchange services in Estonia. It currently aims to launch a beta product for its Wizexchange before 2019.

Do you think more and more exchanges will use cryptocurrencies other than BTC as a base currency? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, stephenhammond.net

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