An ICON (ICX) listing on the cryptocurrency exchange Bithumb has sent the value of the coin soaring in early morning trading.
Announced this morning, users on Bithumb will be able to convert Korean Won (KRW) into ICON tokens on the exchange. Subscribers to the Bithumb Pro, the exchange’s premium service, will be able to deposit and trade ICON today with normal Bithumb users being able to deposit on Friday but will have to wait until Sunday to begin trading.
Following this morning’s announcement, the value of ICX has risen from $2.62 at market open to a high of $3.55 at just before 10:00 GMT. The coin has slowly been rising as the week has progressed. Falling to a low of $1.59 on Sunday, the coin opened Tuesday at $2.38. As of 11:00, the coin is trading at $3.40: 30% higher than at the beginning of the day.
The news has meant that ICON’s market cap has nearly doubled, rising $597m from $751.8m to a present total value of $1.3bn. Since Sunday, the coin’s value has increased by 80%. ICX is also listed on Binance, OkEx and Huobi.
According to its website, ICON wants to “hyperconnect the world” by building “one of the largest decentralized networks in the world.” To do this, the development team is building a platform that will enable blockchains to interact with each other via smart contracts.
Being built on the same platform, ICON’s development team aim to allow cooperation between different industries and sectors on a single network.
Founded in 2016, ICON was developed by a Korean fintech company, Daryll Financial Group, which also owns and runs the cryptocurrency exchange, Coinone.
Launched in January 2014, Bithumb currently lists 12 cryptocurrencies, including Bitcoin (BTC), Ripple (XRP), Monero (XMR) and Ethereum (ETH). The exchange, which at present has a trading volume of just under $900m, offers trading pairs with KRW.
The largest exchange in South Korea, Bithumb announced a partnership agreement with the Bitcoin payment service BitPay last week that will see the two companies working together to offer cheaper and faster cross-border transactions.