Developer of Blockchain Project ICON Denies IPO Plan Reports

Yogita Khatri
Feb 27, 2019 at 12:25 UTC
Updated Feb 27, 2019 at 17:16 UTC
news

South Korea-based ICONLOOP, the firm developing blockchain project ICON, has denied claims that it’s planning to hold an initial public offering (IPO).

A report from local media outlet Pulse News on Wednesday cited “an investment banking industry source” as saying that ICONLOOP is planning to list on the Korea Exchange by early next year and that it has selected brokerage firm Mirae Asset Daewoo Co. as lead manager for the effort. Other news sources have also reported the claim.

However, ICONLOOP CEO Jonghyup Kim told CoinDesk Korea that the news is “not true at all” and that the firm does not currently have any plan to launch an IPO. Such reports are “misinformation,” he said, adding that there have previously been similar rumors.

Overseen by the ICON Foundation, ICON is a project aiming to connect different blockchains via its loopchain protocol. The firm has held an initial coin offering (ICO) and offers its own token (ICX) that is currently 39th largest by market capitalization.

Last week, ICONLOOP announced that it has achieved “advanced technology partner status” on the Amazon Web Services (AWS) Partner Network.

South Korean flag image via Shutterstock 

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.