The cryptocurrency markets have been rather flat during the weekend without major movements for the first two, Bitcoin and Ethereum. A couple of altcoins did very well anyway and one of them is ICON.
Often dubbed the South Korean Ethereum, ICON has made great moves during the last week. ICX has been one of the most performing altcoins in the last two days. According to support from the ICON Foundation, its recently rebranded technology partner, ICONLOOP, was selected to participate in "Cultivating Innovative Youth Talents 2018" under the supervision of the Ministry of Science and ICT (MSIT) of Korea and India Institute for Information and Communications Technology Promotion (IITP).
It is a large-scale public project supported by the government that aims to strengthen national competitiveness in technologies and solve the problem of unemployment through the cultivation of young talents. With approximately $ 100 million of government funding expected over the next four years, the news is positive for ICONLOOP, which will work closely with 53 members. For the next six months ICONLOOP will provide one thousand hours of intensive curriculum for Baekseok University students.
CEO of ICONLOOP and board member of the ICON Foundation, J.H. Kim talked about rebranding saying:
"Rebranding makes a lot of sense as we are finally ready to push the ICON project here in Korea, our team is totally committed to contributing to the ICON project and providing assistance to the ICON Foundation,"
ICX is currently trading 25% more in the day at $ 0.912 according to coinmarketcap.com. During the week, ICX recovered 40% from $ 0.648 this time last Monday, as trade volume rose from $ 16 million to $ 84 million a day. ICON is still down 27% on the month; it was trading at $ 1.26 this time last month. ICX reached a record high of over $ 12 in January, so looking at current levels, this altcoin is largely undervalued.
The team also announced a $ 5 million redemption scheme that was voted unanimously by board members. The effort assures the community of ICON's commitment to developing value for the token holder. Member of the ICON Foundation Council, Min Kim, added:
"The ICX repurchase program is a great way to return to our community and build confidence in our project." In these uncertain times, we want to make it clear that our interests are fully aligned with our long-term community. "
Judging from the recent ICX performance may already be on its way to a speedy recovery.