NEON Exchange the first regulated exchange announced ICO
The NEX token ICO finally announced to happen on Monday, 3rd of September.
After receiving an official approval from the Financial Market Authority (FMA) of Liechtenstein, the long-awaited NEON exchange is a week away from becoming the first regulated exchange security token in Europe.
First announced at the start of 2018, the NEX ICO was an extremely hyped project around the crypto community. Created by some of the best developers from The City of Zion (a group of thousands of independent developers, which are supporting the NEO community and eco-system), the project introduced some of the most innovative proposals within the crypto market. They are planning to build the first decentralized exchange, backed by an off-chain matching engine and cross-chain trading of both ERC-20 tokens and NEP-5 tokens. This new exchange will be able to handle enormous trade volume through its unique publicly verifiable off-chain matching engine. In addition, the native token of their platform NEX will give its holders the option to stake in return for dividends, based on the trading fees within the exchange. On top of that, NEON exchange will be opening the first crypto-bank in the market, allowing their customers to have official financial accounts on their platform and cash-out whenever they want.
Unfortunately, all these promised features and innovations were highly dependent on receiving a regulatory approval, by the country they were based in – Liechtenstein.
The long wait
At the beginning of March, the NEX’s team announced that due to the huge interest in their ICO, they will have a lottery, in which 25 thousand people will be randomly chosen to participate with a maximum cap of $1000. Eventually, over 100k people registered for the lottery demonstrating their interest on the project and proving the NEON exchange importance for the market of digital assets.
The actual ICO was planned for June, but the authorities delayed their decision for legislative approval of the project. In the following months, the overall crypto sphere experienced some of its hardest time ever, while billions of dollars exited the market. Despite the though bear market, the NEX team continued developing and working on the platform, while their supporters were left waiting for news. The team was able to accomplish all of their initial goals for Q1 and Q2 of 2018, stated in the Roadmap.
It was clear that the ICO is closer than ever and that the crypto world will finally be recognized by someone with authority. Finally, last night at around 21:00 UTC time, the team announced their financial license and the exact date of the ICO with a Medium post. The unexpected news made a lot of the lottery winners to rush for the long-bleeded NEO, which will be used in the ICO. Reaching almost $200 in January, until last night the Chinese cryptocurrency was trading around $16-$18. The bullish formation on the 4h chart backed by the announcements’ huge impact on the volume, was able to push the price for a nice breakout above $20. If some unexpected FUD hit the crypto market, the NEO rally should conitnue upward.