Binance to Support ICON (ICX) Mainnet Token Swap and Trading Pairs
As is the case with many ICOs, ICON created a temporary placeholder ERC20 token on the Ethereum network. While ICON’s mainnet officially launched in January, major exchanges have only supported trading for the ERC20 version of ICX still in circulation.
With today’s news, users who hold ICX ERC20 tokens on Binance will have their tokens immediately swapped to the mainnet token on June 20th 0:00 AM (UTC). The exchange states,
“Binance will support the ICON (ICX) Mainnet Token Swap and will suspend deposits and withdrawals for ICON (ICX) starting from 2018/06/20 0:00 AM (UTC). Binance will handle all technical requirements involved for all users holding ICX.
We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable.”
On April 4th, ICON launched features to swap ICX ERC20 tokens for mainnet tokens through their ICONex wallet, though many users have chosen to hold onto the ERC20 tokens so they can continue to trade ICX on exchanges. With the largest exchange Binance switching to ICX mainnet, adoption of the mainnet coin should increase and soon be a necessity for trading. For ICON holders, this also represents one of the easiest ways to complete a token swap for your coins.
The crypto trading platform also announced, “Binance will also open trading for the ICX/USDT trading pair at 2018/06/13 8:00 AM (UTC).”
At a time where 96 of the top 100 cryptocurrencies’ prices are down over the last 24 hours, this news hasn’t been enough to put ICON’s price (-2.63%) in the green. With that said, ICX has fared better than many other coins in the top 100 where 46 coins are down more than 10%.