A new crypto exchange is about to be launched thanks to the joint venture formed by the parent company of the Cardano blockchain and IronFx, an online broker specializing in trading on various markets such as Forex, commodities and metals.
According to a press release of the group founded in Cyprus, the idea is to create a new regulated combined trading platform, which will act as a bridge between traditional online trading and the world of digital currencies.
A new combined trading ecosystem
The new subject, IronX, will operate as if it were a classic exchange where the world of classic trading and crypto will coexist. An efficient trading ecosystem will be created, where funding will take place with both traditional fiat currencies and cryptocurrencies.
“The joint venture will mark the beginning of a new era for crypto exchanges,” says Kenji Sasaki, Co-Founder of Cardano and Corporate Officer of EmurgoHK, head of a company that was born from the mind of a collective of distinguished researchers and engineers.
Sasaki believes that partnering with IronFx, a major force in online trading with over 1,200,000 online trading accounts, “combined with our in-depth understanding of blockchain technology and the global crypto-community, will address the key issues being faced by crypto investors and traders at the moment“.
Margin trading will be included as well
“At the same time, this is an excellent opportunity to list ADA Coin on a leading regulated exchange”. For Cardano, the ninth-largest cryptocurrency in the world by market cap, it is a great opportunity to widen its range of action“.
The two companies are convinced that the exchange will succeed in offering secure and easy access to all players involved in this immense retail trading market.
Through the “unified” portal, holders of IRX tokens – the main coin of the exchange – will be able to participate both in the exchange of traditional securities or commodities and in the purchase and sale of cryptocurrencies.
The exchange will be operational from the fourth quarter of 2018
Markos A. Kashiouris, Chairman and CEO of the IronFX Group, was pleasantly surprised by the success of the private token sale during these difficult market conditions. Cryptocurrencies have been going through a lot lately, but in August they started to give signs of recovery.
Participants in the IronX ecosystem will also be able to expose themselves to their preferred market sector by asking the broker to lend money to their crypto account (‘margin trading’). This sum can be reinvested on the existing IronFx platform.
The new platform is expected to be fully operational in the fourth quarter of 2014, following the IRX ICO, but a beta version is under development, with an early release intended for VIP holders of the token.