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Companies involved with traditional mining are paying rather close attention to cryptocurrencies these days. That in itself should not come as much of a surprise. Over in Norway, Intex is currently contemplating issuing its own digital currency. The new currency will be pegged to Intex’s future raw materials, which mainly consist of iron and nickel. It’s an interesting venture, even though a lot of lingering questions remain unanswered right now.
INTEX MAKES A SHOCKING ANNOUNCEMENT
A lot of stockholders were quite surprised by Intex’s announcement last Friday. In the statement, the company detailed its recent market growth, but that wasn’t the aspect that caught everyone’s attention. Instead, it was the part about Intex issuing its own digital currency in the near future that caught a lot of people off guard. The company views this new venture as a promising endeavor meant to secure the company’s legacy as a whole.
While it is true cryptocurrencies and digital assets have become all the rage lately, this news is quite a shock. At the same time, the company explained it’s seeking to raise additional funds through an ICO, which will reward investors with the soon to-be-created token. That’s a smart company decision, as it has a proven business model in the traditional mining industry. Iron ore and nickel are the company’s main bread and butter right now.
Although it remains to be seen how the new digital currency will be created and issued, this prospect opens up a lot of exciting opportunities moving forward. Harmonychain has been named a partner in this venture, although more specifics remain shrouded in mystery at the time being. It seems there will be two coins tentatively called “iron” and “nickel”, although their official names and tickers may change moving forward.
We do know there will be a total of 21 million coins in circulation, although it remains to be seen which blockchain will be used in the process. It is possible these coins will be created as ERC20 tokens, though that has not been officially confirmed by either party. Using a private ledger would make a lot more sense in order to keep the currency out of the hands of cryptocurrency speculators and manipulators. Then again, there are still a lot of decisions to be made over the coming weeks and months.
Up to this point, there have been very few existing companies looking to issue their own digital currencies through an ICO. Especially in the traditional mining industry, Intex is leading the charge for the time being. Different types of investors will need to be attracted in the process of establishing the new coins, although that is much easier said than done. Gaining exposure to raw material markets in the form of digital currency rather than regular stocks or shares will certainly yield some unexpected results in the coming years.
For the time being, key details regarding this new venture have yet to be revealed to the public. There is no official date for this sale right now, and a lot of technical details have yet to be figured out. One can certainly argue this venture has a lot more potential than we see in central banks which issue their own digital currencies. Although this doesn’t mean Intex will see major success by default, there is certainly an interesting opportunity waiting to be explored.