South Korea’s Blockchain Project ICON Tunes Out Noise Regarding IPO Plan Rumors

ICONLOOP, the South Korean development company behind the project ICON, has recently denied the rumors that the company is trying to hold an Initial Public Offering (IPO) soon.

All the rumors started after a local media company called Pulse News used an unnamed source from the banking industry to affirm that ICONLOOP was trying to get listed on the Korea Exchange next year.

According to the original reports, the company was using a brokerage firm called Mirae Asset Daewoo Co. to lead the efforts of trying to break into the IPO world.

Not only Pulse News has noticed this, but some other local media outlets as well. However, the CEO of ICONLOOP, Jonghyup Kim, has affirmed that the claims are not true and that this is all misinformation being spread, as some similar (and untrue) rumors have already appeared before.

The ICON Foundation oversees ICON, which is a project that has the goal of connecting many blockchains using its innovative loop chain protocol. The company had two Initial Coin Offerings (ICOs) so far.

Last week, ICONLOOP has affirmed that it made a partnership with Amazon Web Services (AWS) Partner Network in order to get an advanced technology partner status with the company, which would help in the future.

IPOs and ICOs

Several blockchain companies are now trying to get IPOs instead of Initial Coin Offerings (ICOs), which were very popular in 2017 and early 2018. One of the most high-profile companies that tried to have an IPO last year was Bitmain, which was not accepted by the Hong Kong Stock Exchange.

A reason for why companies are shifting from ICOs is because most investors lost money with them last year and this modality of investment, which consists of buying tokens from the companies, has been heavily discredited lately. Some experts affirm that ICOs will make a comeback in the near future, though.

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