Ranked as the 31st-largest crypto in the official ranking list with the market cap of around 340 million dollars, ICON Coin ICX is seen rising against the fiat on August 31st with the latest rebound attempt of the majority of cryptos in the market.
Jumping by almost 7% in a single day, ICX is seeing some progress in the field of making new partnerships as well as sealing the memo of understanding with W Foundation, which is a group for refugee relief and perseverance of the environment.
With new integrations and the latest partnerships, ICON foundation is gaining momentum in Korea as well, creating an extended breakthrough via the upcoming Korean Crypto Hub.
ICON Foundation Signs a Memo of Understanding with W Foundation
As ICX is progressing in the market while showcasing a bullish behavior across weekly and bi-weekly charts, there are more great news incoming from the ICON foundation regarding the further adoption and integration of ICON technology.
In one of the most recent announcements made by the team, Icon foundations made partners with W Foundation by signing a Memorandum of Understanding with this non-charitable organization.
W Foundation is focused on environmental preservation as well as refuge relief, now seeking support from one of the top blockchain-based projects in the market.
The foundation approached ICON Coin and the two parties have signed the agreement on August 29th. Within the agreement, the team ICX is due to provide their blockchain technology in form of ICON Coin integration with W Green Pay.
W Green Pay actually represents a compensation system created to incentivize users towards the reduction of the active pollution.
In accordance with the statement provided by the ICON team, W Foundation has been seeking partners in different government agencies and companies starting with the campaign in 2012, so the foundation would be able to reduce the greenhouse gas release.
Since W Foundation has decided to follow up with the latest technological trends in order to approach the main goal of their mission W Green Pay has been launched as a blockchain-based project that is supposed to incentivize people for mitigating greenhouse gas that is affecting the environment.
W Green Pay should also serve the purpose of representing a payment method, also representing a rewarding system for individual efforts in the reduction of pollution.
The described reward program should run on the blockchain technology provided by ICON foundation in accordance with the Memorandum of Understanding that both parties have signed several days ago.
ICON Foundation Met with Jeju Governor of Korea
In one of the latest announcements made by the team ICON (ICX), it was stated that the ICX team has met with the governor of Jeju Island in order to discuss the upcoming Korean Crypto Hub, which means that ICON foundation could play a major role in one of the largest centers of blockchain investors.
The foundation announced on August 30th that the team ICON Coin (ICX) alongside with two decentralized app projects have met with the government officials of Jeju, as there is a general plan of reimagining Jeju Island as one of the largest centers for cryptocurrency and blockchain technology.
Jeju Island government has also sent an official proposal to the central authorities in Korea suggesting that the island should become the new crypto hub of South Korea, which represents one of the largest technological centers in the world.
It seems that the support for the suggested blockchain and crypto project called Jeju Free International City will come from the team ICON, which would make a massive impact on this blockchain project and further adoption of ICX in South Korea.
The government of this country has issued a ban on all Initial Coin Offering back in September of 2017; however, there is an active case of an attempt to make ICOs legal again in South Korea.
The government of Jeju Island has already previously announced the plan revolving around removing the ban on local ICO issuance so that the new blockchain startups are encouraged within the jurisdiction of the island.
Moreover, in accordance with the vision of Jeju Free International City, Initial Coin Offerings should be allowed for blockchain startups.
ICON in the Market
ICON Coin (ICX) is taking advantage of the latest positive trend in the market, that way rising up by nearly 7% against the fiat, at the moment being traded at the price of around 0.87$ on August 31st.
Although the value of ICX has dropped by nearly -50% in the last two months, the crypto is being replenished for the last couple of weeks, gaining over 60% in the last 14 days alongside with rising up by over 30% during the last week.