ICON Token Swap Underway With 'No Issues,' Foundation Says

Millions of dollars worth of ICON tokens are now on the move - as the cryptocurrency project begins its token migration.

Designed to connect independent blockchain communities with a variety of governance strategies, the ICON protocol first launched its crypto token, ICX, on the ethereum blockchain, but - in what has become an increasingly popular process - is now moving those tokens over to its very own blockchain.

More specifically, the project, which launched its mainnet in January, is tasked with swapping around $42,750,000 worth of ERC-20 tokens with an equal amount of native ICX tokens from now until September 25.

As previously reported by CoinDesk, only supported exchanges - Binance, Upbit and Bitthumb - can currently shift ICX tokens to the new blockchain.

According to the foundation, token holders must transfer their tokens to one of those exchanges in order to start the migration process.

Later this month, on June 25, token holders will also be able to use the ICONex wallet to migrate their ICX tokens.

For now, ICX token holders must trust the ICON Foundation and the supporting exchanges to execute the swap successfully.

ICON, a crypto with a collective market capitalization of about $800 million, is only one of the top thirty cryptocurrencies to attempt a token migration in recent weeks.

Tron, which aims to use its blockchain infrastructure create a "Truly decentralized internet" kicked off its token migration on Thursday.

The scalability-focused EOS protocol underwent a token migration earlier in June.