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A South Korean financial group of financial start up companies called Dayli established the ICON Foundation in 2017 in order to link various digital asset projects on one network.[1] Its technology is called ICONLOOP, which is also the name of the commercial entity behind ICON.[2]

ICX is the native coin on the ICON blockchain. ICX was originally issued on Ethereum and migrated away during summer 2018.[3] According to CoinMarketCap, an online market data service, at the beginning of June 2019 ICX's approximately $195 million dollar market capitalization made it the 47th largest cryptocurrency.[4]