A goodbye note from Deblock’s now-former Head of Research study exposed the development of their ICON blockchain job in all these months. And they looked exceptionally favorable.
As he left the business to pursue his start-up, Markus Jun kept in mind ICON as one of the extremely couple of blockchain jobs that revealed considerable achievements regardless of remaining inside a bleeding crypto market.
” My time at Deblock and ICON accompanied among the worst declines in the cryptocurrency market. In spite of this, I can state that the ICON group has actually made extraordinary development,” Markus composed while asserting that their interoperable blockchain job till this date leads the South Korean blockchain market.
” I have actually seen ICON push for considerable development in legitimizing blockchain and cryptocurrencies with the Korean Government, getting the Minister Award for being a market leader in the blockchain area, and introducing presentations and several projects in combination with the Seoul Metropolitan Federal Government. I have actually seen numerous hires in every ICON department, consisting of senior positions, the majority of which weren’t revealed and the group is still actively working with to this day.”
Markus likewise brought focus to ICON’s worldwide growth stories, that included the launch of their worldwide accelerator program ICONLOOP in collaboration with the Singapore federal government, followed by its extension in Tokyo and San Francisco.
” Beyond this, there are continuous efforts to broaden ICX Station internationally. All things thought about, it’s clear that ICON isn’t letting the marketplace decline impact them in progressing,” Markus described.
The stated growth is likewise bringing important partners to ICONLOOP. In addition to the Seoul federal government, ICON has actually gotten assistance from LINE, Smilegate, Kyobo Insurance Coverage, and Jeju Island to establish blockchain options for them. It in general makes a long-lasting use-case for ICON’s ICX public network, suggesting a steady development for its native token ICX also.
Solvent after Crash
At the time of the ICO, ICON’ x ICX token sale raised near to 75,000 ETH. Their smart contract divided the funds into 30 different Ethereum wallets. In Between December 2016 and November 2018, ICO group moved circa 70% of their funds to other portfolios– maybe as part of a sale. After the post-ETH crash adjusments, the group holds around $5 million in ETH reserves.
The figures show that ICON is far from being insolvent at this time, in contrast to numerous other ICO jobs that have actually either failed or in a loan crisis.
Forrester Research study’s primary expert Martha Bennett anticipates that a bulk of these ICOs are heading towards a straight-out termination in lack of users and funds.
” Eventually, this would have caused a contraction anyhow. The crypto crash served as both driver and wake-up call.”
Huge crypto start-ups like Coinbase and ConsenSys have actually likewise laid off staff members in the previous 2 months, suggesting that the crypto market, in basic, is lacking loan.
ICON, with a provable service design and an increasing use-case amongst widely known companies, might still endure the bloodbath owing to a real need for service.
” I have actually seen the very best of ICON in the worst of times. That’s why I’m positive ICON is here to remain,” Markus kept in mind.