Partnerships have now become a regular thing in the crypto market with a cryptocurrency or exchange announcing a partnership almost daily with the venture capital firms or software solution providers. The latest to take the plunge is ICON. The South Korean interchain blockchain has joined hands with the Singaporean venture capital firm Trive.
The announcement has made its impact on the position of ICON with ICX, its intermediary token moving up by almost 24%. According to reports, the token of ICON showed a gain of 23.5%. The digital currency reached its high in January this year at $12.40 and is currently trading at $2.75. ICON connects various cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Qtum (QTUM).
According to trade analysts, it has a potential of hitting the top 10 among cryptocurrencies because of standardization between major industries and its unique approach to blockchain operations. Currently, ICON is ranked at 22 for market capitalization and is trying to move into the elite group of top 20.
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The ICON & Trive partnership is a strategic move, aimed at creating an educational ecosystem supported by blockchain-based technology. The team of ICON over the years has been able to develop a strong technological background that can connect different blockchains and improve interoperability. The expertise of ICON can also contribute to making some positive yet interesting changes in the distributed ledger ecosystem.
And that is where it caught the attention of the Singapore-based VC firm, which has a huge regional network. According to reports, both companies will focus on co-developing blockchain courses, which will be integrated in the Singapore and Vietnam-based programming schools of Trive. These are the two regions where blockchain-based programs are expected to thrive.
Partnership To Encourage Startups
The Singapore-based firm is largely known for its interest in start-ups and operates in the field of deep learning, artificial intelligence, blockchain, fintech and data science. The company aims to equip start-ups with technological and financial assistance and encourage new businesses with the potential of making it big in the field of digital technology. The partnership is going to offer “green lane assessments” to the start-ups interested in gaining access to the blockchain ecosystem of ICON.
Both the companies thus want to increase the development speed of new use cases and products and in the long run, set up uniformed blockchain assets across Southeast Asia.
