ICON (ICX) Surged By 25% As ICONLOOP Obtained Government Recognition

The cryptocurrencies market was quite shallow during the weekend with no significant movements for the two leading cryptos, Bitcoin (BTC) and Ethereum (ETH). However, one pair of Altcoins have been very successful, and ICON (ICX) is one of them. Often nicknamed the South Korean Ethereum, ICON, performed great during the last week, and ICON (ICX) was one of the most successful cryptocurrencies in the world, regarding gains.

ICONLOOP obtained government recognition

ICON Foundation media reported that its newly established technology associate, ICONLOOP, was chosen to be part of the “Growing Innovative Youth Talent 2018” project supervised by the Korean Ministry of Science and Technology (MSIT) and the Korean Institute for the Promotion of Information and Communication Technology (IITP).

The “Growing Innovative Youth Talent 2018” is a wide-scale, government-sponsored public initiative that aims to boost national technological competitiveness and address unemployment by nurturing young people’s talents. With approximately $100 million in government funding projected for the following four years, the report is encouraging for ICONLOOP, which is working with the 53 members of the initiative. During the upcoming six months, ICONLOOP will offer 1,000 hours of intensive study plan for Baekseok University students.

ICON (ICX) running a coin buyback scheme

“The change of brand makes a lot of sense as we are finally ready to push the ICON project forward here in Korea. Our team is fully committed to contribute to the ICON (ICX) project and providing services to the ICON Foundation,” claimed the ICONLOOP CEO, J.H. Kim.

After the announcement emerged, ICON (ICX) surged by 25% reaching the $0.912 level. During the last week, ICX soared by more than 34%. However, at the time of this writing, ICON (ICX) trades at $0.89, appreciating by about 4% in the last 24 hours.

The foundation also announced a $5 million coin buyback scheme that was unanimously endorsed by the board members. The endeavor ensures that the community is engaged in ICON’s pledge to develop the value for the shareholders.

Based on its recent performances, ICON (ICX) could be on its path to a fast turnaround.

Ian Kennedy

Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.

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