Korea has been one of the most active countries globally when it comes to cryptocurrency. The country boosts some of the largest exchanges including Bithumb, Coinone, Coinplug, Korbit and UpBit. In 2017, a record 30% of Korea’s working population had invested in cryptocurrency.
Traditional businesses are also looking for ways to get into the blockchain and cryptocurrency space through the tokenization or application of blockchain into their existing business models. As such, the country is considered the most important cryptocurrency market. In this flooded crypto market, ICON (ICX) has curved a niche for itself becoming the largest Korean crypto by market capitalization.
The demand in Korea has shifted from projects building new platforms to projects developing on already existing platforms. Being a market leader in the country, the ICON platform is well placed to serve this market. This is visible through the collaborations ICON has entered with companies such as Line, Samsung Electronics and SK Planet.
The Korean government has undertaken a number of blockchain related projects with ICON as a leading partner. The projects cover key industries such as healthcare, education, insurance and customer service. Besides supporting government initiatives, ICON has taken up other responsibilities for a more hands on in shaping such initiatives.
The ICON Loop Adventure
Korea is developing a new election system based on intelligence information technology with the help of ICONLOOP. Voting and ballot counting in the new election system will be based on blockchain technology developed by ICONLOOP. Jeju, an island off the coast of Korea, through its Governor is in constant talks with the ICON ICX team in an effort to transform the island into a blockchain hub for Korea.
Seoul, South Korea’s capital is also looking to adopt blockchain technology through a digital currency S-Coin, and is in talks with ICONLOOP to help create the coin. As a demonstration of ICON’s importance in the Korean crypto-economy, ICON’s council member KJ Eee was selected to head the Korea Blockchain Association which boosts membership of some of the largest players in the country’s crypto economy. In addition, ICON council members have continued to play a role in influencing legislation of the industry in Korea.
Icon (ICX) recently launched its mainnet and with ERC 20 ICX token holders expected to swap them for the ICON ICX coins. As of writing, the token swap was complete, about 2 weeks before the expiry of the swap period. Exchanges that took part in the token swap include Binance, UPbit, Bithumb, Huobi, OKES and DragonEX. Other recent developments at ICON include a translation of the document discussing joined ICON and Korean government efforts in the cryptocurrency space and completion of a developer’s meet up for dApp developers on the blockchain.
ICON (ICX) has grown 8.23% over the last 24 hours to hit a USD 0.688 price and a market capitalization of USD 269 million. Daily trade volume has also increased to surpassing USD 25 million for two days consecutively up from around USD 10 million. The coin ranks 34th by market capitalization.