ICOx Innovations Inc. (TSXV and ICOX) (the “Company” or “ICOx”), which designs and assists in the creation of branded blockchain economies and corporate currencies for established companies to benefit and grow their businesses through blockchain technologies, today announced FreedomCoin, a new regulatory compliant corporate currency.
FreedomCoin will allow the users of GunBroker.com, the world’s largest online marketplace for hunting, outdoor sports, and firearm products with over 4.7 million customers and $600M in yearly transactions, the ability to pay for purchases using an easy to use digital wallet. GunBroker.com users can purchase FreedomCoins with U.S. dollars and store them in a personal, secure blockchain wallet until needed. Buyers and sellers can choose to accept and use FreedomCoins for transactions leveraging blockchain technology to replace the need for other costly and time-consuming payment options.
“We are excited to bring the over 4.7 million customers GunBroker.com has in its network the ability to buy and sell products with a corporate cryptocurrency and blockchain-enabled infrastructure,” said Bruce Elliott, President of ICOx Innovations. “This is the one of the first use cases that I’m aware of where a compliant cryptocurrency can truly replace the need for other costly and time-consuming payment options which is something of extreme value to GunBroker’s users. With hundreds of millions of dollars transacted annually on GunBroker.com, this may potentially become the most retail transacted cryptocurrency in the US.”
ICOx through it’s subsidiary ICOx, USA Inc. has been contracted by FreedomCoin,LLC, to design and build the FreedomCoin for use by the GunBroker.com Network. The FredomCoin is a stable coin pegged to the U.S. dollar. Users can buy FreedomCoins with U.S. dollars and store them in personal, secure blockchain wallet until needed. Users can quickly convert funds though an easy-to-use app. The platform provides simple, trusted transactions and is designed to meet the demands of the current regulatory environment through KYC (know your client) and AML (anti-money laundering) compliance and money transmitter licensing.
ICOx USA, Inc. will charge up to $2M for the design and development of the FreedomCoin. In addition, the parties agreed that FreedomCoin, LLC will issue warrants to ICOx USA, Inc. allowing it to acquire up to 20% of ownership of FreedomCoin, LLC for total consideration of US$1, which warrants may be exercised by ICOx USA at any time in the future.
“Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions,” Steven F. Urvan, CEO and Chief Technology Officer at GunBroker.com. “Thanks to ICOx and BitRail, now we can virtually eliminate that problem and expose a whole new segment of gun and outdoor enthusiasts to the world of digital payments.”
About ICOx Innovations
ICOx is positioned for the long term as an enterprise platform for building branded blockchain economies and corporate currencies for established brands. ICOx Innovations Inc. provides a platform for the design and creation of branded blockchain economies that solve real-world problems with established organizations. ICOx Innovations provides operational insights intended to benefit and grow its customers’ businesses through the use of blockchain technology and branded corporate currencies. The ICOx Innovations platform is compliance-driven and combines rigorous strategic planning, capital structuring, technical integration and token economics model development, designed to allow its clients to create sustainable economies. The ICOx Innovations team co-founded KODAKOne, a blockchain-based image-rights management platform, and is the co-architect of KODAKCoin, the token that will reward and incentivize the KODAKOne platform users. Notably the Honorable Edmund C. Moy, 38th Director of the United States Mint (2006-2011) and the Honorable Alphonso Jackson, Former US Cabinet Secretary & Former Vice-Chair of JP Morgan Chase are members of the ICOx Board of Directors, For more information on ICOx Innovations, go to: www.icoxinnovations.com. Please visit www.icox.tv to sign up for the ICOX Video Newsletter.
GunBroker.com is the world’s largest online marketplace for firearms, ammo and accessories. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. Aside from merchandise bearing its logo, GunBroker.com sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents.
FreedomCoin is a stable, legally compliant utility token available for simple, trusted transactions on the BitRail infrastructure and supported by the issuing entity FreedomCoin Inc. Based in the United States FreedomCoin Inc facilitates the mainstream adoption of cryptocurrencies by consumers and demands the highest standards of legal compliance. The company adheres to local money transmitter regulations and ensures FreedomCoin is both KYC and AML compliant. FreedomCoin is a stable coin pegged to the U.S. dollar and is the preferred payment method and partner of GunBroker.com.
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