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ICON Foundation Rebrands theloop and Announces ICX Repurchase Program

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3D rendering: crypto currency ICON made out of golden coins. Source: shutterstock.com

The ICON Foundation recently announced several updates to their project. In an August 7 Medium post, the team stated that theloop — the Foundation’s primary tech partner — will rebrand as ICONLOOP effective immediately. They also have a $5 million ICX repurchase program up their sleeves. ICON is currently the 32nd largest cryptocurrency in the world with around a $305 million market capitalization, per CoinMarketCap.

ICONLOOP Rebranding Commences

According to ICON, theloop will rebrand as ICONLOOP as a sign of its long-time commitment to the project. The rebranding will be effective immediately, although it will take some time to be fully reflected on the website and marketing materials. The new brand will also help in improving the Foundation’s brand position in global markets, especially in Korea.

The chief executive of ICONLOOP, JH KIM, said:

“The rebranding makes a lot of sense as we are now finally ready to push the ICON project here in Korea. Our team is fully committed to contributing to the ICON project and servicing the ICON Foundation.”

First ICX Repurchase Program to Begin Soon

The members of the ICON Foundation council have approved the first ICX repurchase program. The Foundation can now repurchase tokens worth $5 million from the current circulating supply of coins. The repurchase can either be made from open markets or via privately negotiated transactions. The Foundation said that the move would help in creating long-term token holder value and unlock greater potentials for the project concerning partnerships with different businesses and markets.

ICON Foundation Council Member Min Kim said:

“ICX repurchase program is a great way to give back to our community as well as reinforce confidence in our own project. In these times of uncertainty, we want to make it clear that our interests are fully aligned with our community for the long term.”

Additionally, the Foundation will make their source code and documents available on GitHub over the course of the next two months. The post states that there will be several releases on the platform, some of which will focus on DApp projects on the network for running full-scale token sales with ICX. Smart contract versioning capabilities will also be available to the users.

ICONex Desktop wallet plugin for Chrome browser, and ICONex Android and iOS wallet will also be available in the next two months. Ledger Nano S integration with ICX went live yesterday in Ledger’s most recent update.

ICON Foundation Rebrands theloop and Announces ICX Repurchase Program was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.