- “Our team is fully committed to contributing to the ICON project and servicing the ICON Foundation,” JH Kim, the CEO of ICONLOOP said in assurance.
- The ICON Foundation is embarking on a process of repurchasing up to $5 million of ICX tokens that are currently in circulation.
ICON price surged slightly on Tuesday following the announcements released by the network. ICX/USD corrected lower on opening the session but the downside was first protected above $0.80 before bouncing back. The trend came so close to $1.00 but turned bearish. ICX/USD is currently trading at $0.95 while the trading volume is at $29,447,098 compared to $12,524,500 at the close of the session yesterday. The market capitalization is also showing a slight increase from $358 million to $373 at the time of writing according to the data on CoinMarketCap.
The latest announcement from ICON team says the technology partner of ICON Foundation is rebranding from theloop to ICONLOOP. The rebranding is effective immediately, however, the website, as well as other marketing materials, will be updated soon. The team says that the rebranding is a gesture by its technology partner for continued support for the long-term. In addition to that, the move unifies and improves the brand; ICON in both Korea and the Global markets. JH Kim, the CEO of ICONLOOP commented on the move saying:
“The rebranding makes a lot of sense as we are now finally ready to push the ICON project here in Korea,” he added, “Our team is fully committed to contributing to the ICON project and servicing the ICON Foundation.”
Furthermore, the ICON Foundation is embarking on a process of repurchasing up to $5 million of ICX tokens that are currently in circulation. The decision was unanimously voted by the members of the council. ICON assures the community of its commitment to developing value for the token holder.
“ICX repurchase program is a great way to give back to our community as well as reinforce confidence in our own project,” said Min Kim, one of ICON Foundation Council Members. “In these times of uncertainty, we want to make it clear that our interests are fully aligned with our community for the long term.”
The repurchase program will be handled in an open market as we as privately negotiated transactions but it will all depend on the conditions of the market, the legal procedures alongside various other significant factors.
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