Iconiq Holding Cancels The ICNQ Tokensale On GBX GRID And Burns The Unsold Tokens

Iconiq Holding, the parent company of the decentralized VC group, Iconiq Lab, and the Gibraltar Blockchain Exchange have jointly decided to cancel the sale of the ICNQ token on the GBX GRID. The decision comes in direct response to the sentiment surrounding the sale in the Iconiq community.

“We have heard our communities’ concerns regarding the sale of the ICNQ token on GBX while it is already trading on IDEX, a decentralized exchange which we have no control over the listing of,” said Patrick Lowry, CEO of Iconiq Holding. “While the Iconiq team and many members of the community were enthusiastic for the GBX GRID sale leading up to the announcement of the price, the immediate resulting sell-off of ICNQ on IDEX is a clear signal to the Iconiq team that other members of the community do not wish there to be a sale on GBX. Effectively immediately, the ICNQ sale is canceled, and all 1,112,500 ICNQ tokens that were to be sold in the GBX sale will be burned.”

“Our primary aim in the very small sale of ICNQ tokens on the GBX GRID was not to raise additional funds for Iconiq, but rather to merge the Iconiq and GBX communities. Iconiq, as a Sponsor Firm of GBX, believes in our aligned vision of compliant and high-quality token offerings brought to the GBX GRID by the Sponsor Firm network. Rather than continuing the sale to achieve this goal, we will be encouraging all Iconiq community members to open a GBX account to participate in the growing ecosystem around the GBX Digital Asset Exchange. As such, all bounty tokens from the Amazix bounty campaign will be distributed to participants after they complete KYC on the GBX exchange and register their wallet address with the Amazix team.”

Nick Cowan, CEO of GBX, adds, “Our focus has always been on creating an environment that encourages collaboration and development of our ecosystem, in partnership with our Sponsor Firms. Iconiq is aligned with our vision to create an institutional-grade exchange for digital assets and they have made this decision, recognizing their community’s sentiment. Together, we will continue to build the GBX, focused on the best practices and leading industry standards.”

All members of the Iconiq community can register their GBX accounts and complete the KYC process at https://platform.gbx.gi/register. All bounty tokens will be aimed to be distributed in December with the DAX listing to go live with a target time frame of mid-late December. All announcements regarding the confirmation of the GBX DAX listing of ICNQ and the bounty campaign distributions will be done in the Iconiq and GBX channels.

About Gibraltar Blockchain Exchange (GBX)

The Gibraltar Blockchain Exchange (GBX) aims to position itself as a world-leading institutional-grade token sale platform and Digital Asset Exchange that is a part of the GSX Group, which also includes the Gibraltar Stock Exchange (GSX), a European Union (EU) regulated stock exchange. The GBX is a global listing and token sales springboard for utility tokens that have satisfied a strict due diligence and admissions process as well as a high-quality Digital Asset Exchange. The GBX is setting a higher standard for token issuance and trading through best practices and good governance, for the benefit of all market participants.

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