ICON (ICX) Jumps 25%, ICONLOOP Gets Government Recognition

Cryptocurrency markets have been pretty flat over the weekend with no major movements for the top two, Bitcoin and Ethereum. A couple the altcoins have done very well however and one of them is ICON.

Often dubbed the Ethereum of South Korea, ICON has been making some big moves over the past week. ICX has been one of the best performing altcoins over the past couple of days. According to an ICON Foundation medium post its recently rebranded technology partner, ICONLOOP, has been selected to participate in ‘Cultivating Innovative Youth Talents 2018’ supervised by the Korea Ministry of Science and ICT (MSIT) and the Korea Institute for Information & communications Technology Promotion (IITP).

It is a large-scale government backed public project which aims at strengthening national competitiveness in technologies and solving the unemployment problem through the cultivation of youth talent. With around $100 million in government funding expected over the next four years the news is positive for ICONLOOP which will be working closely with 53 members. For the next six months ICONLOOP will be providing a thousand hours of intensive curriculum for students at Baekseok University.

CEO of ICONLOOP and council member of the ICON Foundation, J.H. Kim, addressed the rebranding stating;

“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,”

ICX is currently trading 25% higher on the day at $0.912 according to coinmarketcap.com. Over the week ICX has made a 40% recovery from $0.648 this time last Monday as trade volume has surged from $16 million to $84 million per day. ICON is still down 27% on the month though; it was trading at $1.26 this time last month. ICX reached an all-time high of over $12 in January so looking at current levels this altcoin is massively undervalued.

The team has also announced a $5 million coin buyback scheme which was unanimously voted by the members of the council. The effort assures the community of ICON’s commitment to developing value for the token holder. ICON Foundation Council Member, Min Kim, added;

“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.”

Judging by recent performance ICX could already be on the way to a speedy recovery.