ICON (ICX) Token Swap and USDT Pairing to be Supported by Binance

ICON (ICX) Token Swap and USDT Pairing to be Supported by Binance

On June 13th, Binance announced on Twitter the much-awaited ICON token swap. Binance also announced a USDT (Tether) pairing for ICON (ICX).

The ICON (ICX) MainNet 1.0, which was launched on 24th of January, had promised back then that they will further communicate on how token swap will be carried on but it was delayed for some time. The team apologized for their silence and offered two methods for token swap. The first was through the ICONex wallet and the second through the to-be-announced exchanges.

Binance supported the ICX MainNet swap and hence added ICX/USDT trading pair on their platform. ICON is an interchain blockchain which connects different blockchains such as Qtum, Ethereum, and Bitcoin. Binance posted on their website as:

“Binance will support the ICON (ICX) Mainnet Token Swap and will suspend deposits and withdrawals for ICON (ICX) starting from 2018/06/20 0:00 AM (UTC). Binance will handle all technical requirements involved for all users holding ICX.
We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable.
Binance will also open trading for the ICX/USDT trading pair at 2018/06/13 8:00 AM (UTC).”

Following all the instructions provided by Binance, an ICX HODLer needs to transfer his/her tokens to the exchange before the 20th of this month of June. The back-end technical requirements for all the users will be carried on by the exchange.

Once the MainNet is stable, Deposits and withdrawals will resume. Meanwhile, the traders can enjoy ICX/USDT pairing beginning from 13th June 2018, 8:00 UTC. Just as the price of ethereum increased when projects launched their ICOs on the Ethereum network, the possibility is that ICON (ICX) will also go from strength to strength after the announcement.

Investors, who bought ICX an at the all-time high of $12 were concerned that the project was behind the schedule.

Following the announcement of the new trading pair by Binance, the prices increased. At 13.04 IST, the ICX was trading at $1.9 but at 13.19 IST, the price of the coin had increased to $2.06.

At around 14.00 IST, the price dropped back to about $1.99. In about 15 minutes i.e. from 12.45 IST to 13.00 IST, the prices had spiked by about 8%.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.