Iconiq Holding, the parent company of the decentralized VC group, Iconiq Lab, and the Gibraltar Blockchain Exchange have jointly announced the decision to cancel the sale of the ICNQ token on the GBX GRID. The decision comes in direct response to the sentiment surrounding the sale in the Iconiq community.

“We have heard our communities’ concerns regarding the sale of the ICNQ token on GBX while it is already trading on IDEX, a decentralized exchange which we have no control over the listing of,” said Patrick Lowry, CEO of Iconiq Holding. “While the Iconiq team and many members of the community were enthusiastic for the GBX GRID sale leading up to the announcement of the price, the immediate resulting sell-off of ICNQ on IDEX is a clear signal to the Iconiq team that other members of the community do not wish there to be a sale on GBX. Effectively immediately, the ICNQ sale is canceled, and all 1,112,500 ICNQ tokens that were to be sold in the GBX sale will be burned.”

“Our primary aim in the very small sale of ICNQ tokens on the GBX GRID was not to raise additional funds for Iconiq, but rather to merge the Iconiq and GBX communities. Iconiq, as a Sponsor Firm of GBX, believes in our aligned vision of compliant and high-quality token offerings brought to the GBX GRID by the Sponsor Firm network. Rather than continuing the sale to achieve this goal, we will be encouraging all Iconiq community members to open a GBX account to participate in the growing ecosystem around the GBX Digital Asset Exchange. As such, all bounty tokens from the Amazix bounty campaign will be distributed to participants after they complete KYC on the GBX exchange and register their wallet address with the Amazix team.”

All members of the Iconiq community can register their GBX accounts and complete the KYC process at platform.gbx.gi/register. All bounty tokens will be aimed to be distributed in December with the DAX listing to go live with a targeted date of mid-late December.