ICONOMI, the company behind the ICN token, recently announced moving to a more traditional legal structure that will eliminate ICN in favor of tokenized company shares that will be called “eICN.” As part of this transition, all ICN holders must convert their ICN to either eICN or ETH by December 31, 2018. Since Kraken will not be participating in the conversion process.
ICN will be delisted according to the following schedule:
ICN Deposits Disabled: October 29 2018 at 11:59 pm UTC
ICN Trading Disabled: October 31 2018 at 11:59 pm UTC
ICN Withdrawals Disabled: November 30 2018 at 11:59 pm UTC
Delisting ICN does not constitute any judgment by Kraken against the suitability of eICN as an investment or against ICONOMI the company or platform. ICN is delisting because ICOMONI is not participating in the conversion process.
The options for clients holding ICN
- Trade ICN for ETH or BTC on Kraken (act by October 29)
If you do not want to convert your ICN through the official process you can immediately trade it for ETH or BTC on Kraken. To trade you must deposit your ICN no later than October 29 2018 by 11:59 pm UTC and complete all trades no later than October 31 2018 by 11:59 pm UTC. The current exchange rates on Kraken are approximate:
ICN/ETH = 0.0018 (as of October 22)
ICN/BTC = 0.000057 (as of October 22)
2. Convert ICN to eICN (act by November 30)
Withdraw your ICN as soon as possible (no later than the November 30 withdrawal deadline). On November 1 2018, ICONOMI plans to make an investor interface available for converting ICN to eICN (check the project website and blog after November 1 for details). The conversion deadline is December 31 2018 (you will likely be able to convert after this time but there may be additional fees). The rate for converting ICN to eICN shares has not yet been determined, but the value of one eICN share will be set to a value of one Swiss Franc (CHF) and the ICN/eICN conversion rate will be set by determining an ICN/CHF rate (this rate will be published at a later date). It is not yet known when investors will receive their eICN, but the tokenization of shares will begin in Q1 2019. Conversion to eICN requires that your account on the ICONOMI platform be verified to Tier 2 (and there may be further requirements – it will be similar to opening a bank account). Residents of the US and Canada are currently not eligible to convert to eICN (if you reside in the US or Canada and are interested in conversion, contact ICONOMI at firstname.lastname@example.org).
3. Convert ICN to ETH (act by November 30)
Withdraw your ICN as soon as possible (no later than the November 30 withdrawal deadline). On November 1 2018, ICONOMI plans to make a client interface available for converting ICN to ETH (check the project website and blog after November 1 for details). The conversion deadline is December 31 2018 (you will likely be able to convert after this time but the conversion rate may be lower). The rate for converting ICN to ETH is 1 ICN = 0.0019 ETH (valid until December 31 2018). Conversion to ETH does not require that your account on the ICONOMI platform be verified to Tier 2 and there is no restriction against residents of the US or Canada. It is not yet known when investors will receive the converted ETH.
These three options are not all-or-nothing – you can trade part of your ICN on Kraken, convert part to ETH through ICONOMI and convert part to eICN through ICONOMI.
Will any exchanges list eICN for trading?
Kraken has no plan to support eICN trading and ICN Team is not aware of any exchange that has announced support.
If you have any questions about the ICN conversion process, please make use of the information and support provided by ICONOMI. Kraken support agents will likely not be able to provide any information beyond what is already stated in this email (but they can of course help with any questions you have about trading ICN on Kraken).