FX brokerage firm IronFX Group today confirmed that its cryptocurrency exchange, dubbed ‘IronX,’ is set to launch as early as the fourth quarter. The new trading venue, which is being created in collaboration with EmurgoHK Group, a Hong Kong-based blockchain accelerator and creator of the Cardano Blockchain and the ADA Coin, is pursuing regulation under a Gibraltar’s bespoke license for fintech firms using blockchain.
Pending regulators’ review and approval, the new destination will operate as a regulated, service-focused, exchange that facilitates funding via both fiat and cryptocurrencies, Finance Magnates exclusively reported in June.
Gibraltar has become the first jurisdiction worldwide to offer a fully regulated framework for firms working with crypto-related technologies. All Gibraltar-based firms vying for blockchain commercial business now have to be licensed by its financial watchdog, GFSC, in much the same way that banks are supervised.
According to IronFX, its accumulated experience will be used as a bridge facilitating this process of moving positions from cryptocurrencies trading into traditional online trading.
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The IronX exchange’s ecosystem will allow its clients to use their crypto accounts and digital assets to migrate or move (partially or fully) positions into the IronFX’s platform. That way, the company hopes to attract traders looking for an easy way to switch between crypto and traditional asset classes.
IRX token holders to explore additional benefits
Additionally, the unified trading platform will transact its IRX token as the main coin for the platform. Holders of IRX coins will also benefit in a variety of ways. Based on holding levels, they will be entitled to additional services and incentives. Another such benefit is the issuance of discounts on spread paid in IRX tokens to IronX traders, together with a higher leverage, trading bonuses, VIP account status, personal customer support service and more.
IronFX has recently strengthened its relationship with EmurgoHK Group after the multi-regulated foreign-exchange trading provider adopted EmurgoHK’s ADA Coin as a base account currency on IronFX MT4 platform.
The new opportunity will see clients be able to perform a wide range of functions using the virtual coin without the need to convert to fiat currencies. Specifically, the holders of ADA-dominated accounts can withdraw balance, deposit and assign margin for their trades on traditional assets, including forex, stocks, etc., using the cryptocurrency.