Game maker iCandy Interactive has altered its plans to launch a cryptocurrency following talks with the Australian Securities Exchange (ASX).
According to an ASX announcement, iCandy had planned to develop the token – called "NOX" – itself, as a means to add functionality to a new gaming content marketplace. However, after a discussion with the ASX, during which iCandy's securities were suspended from quotation on the exchange, the firm said it has decided to no longer have any role in developing or managing either marketplace or token.
With the ASX potentially considering the activities a change of direction for the firm, iCandy indicated that those efforts will now be undertaken by a separate company, though it will remain the sole game content supplier.
Speaking to local media source StockHead, iCandy chairman Kin-Wai Lau said:
"The discussion [with the ASX] was centered around whether by managing cryptocurrency, be it video-games related, iCandy has a change of its activities. We have since decided to focus on iCandy's key contribution to the Nitro project which is its ability to use its gamers and developers network to publish games funded by Nitro project."
The firm will continue to fund the development of the marketplace. However, rather than profiting directly from the platform, iCandy will now receive a fixed amount of 3 million NOX per year for its role, equivalent to 3,750 ether (around $1.5 million).
Intended to democratise the video-game economy, the Nitro project had been planned as a mobile-based marketplace allowing users to vote on featured games, using NOX as an internal currency.
Marketplace users could vote on projects with the token, which would then be translated into ethereum's native cryptocurrency, ether, and passed on to game designers to fund development.
According to Stockhead, the ASX has previously cracked down on companies that change activities without the approval of shareholders.
Toy tokens image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at firstname.lastname@example.org.
Lithuania's Central Bank Probes 100 Million Euro ICO
Lithuania's central bank announced last week that it is probing a domestic initial coin offering (ICO) after determining that the token offered counts as a security.
In a Feb. 15 statement, the Lie
Record Retest? ETC Looks Poised on Double-Digit Climb
ETC, the native currency of the ethereum classic blockchain, looks set to re-test record highs, having now formed a base above $30.
As of writing, ETC is changing hands at $37.90, as per data sourc
$850 Million Raised in ICO So Far, Says Telegram
Messaging app provider Telegram says it has raised $850 million in the first part of its controversial initial coin offering (ICO), public records show.
If confirmed, the raise is by far the larges
Bottom Confirmed? Bitcoin at 20-Day High Near $11K
The bitcoin price has rallied 84 percent from recent lows, suggesting a bottom is in place, although a long-term bull revival is still not certain, according to the price charts
Over the weekend, C
Australian Watchdog Received 1,200 Crypto Scam Complaints in 2017
Australia's consumer watchdog has reportedly received over 1,200 complaints about cryptocurrency scams in 2017.
According to the ABC's current affairs program 7.30, data obtained from the Australia
Bitcoin Prices at 20-day High as Bottom Confirmed
Bitcoin price has rallied 84 percent from recent lows, suggesting a bottom is in place, although a long-term bull revival is still not certain, according to the price charts
Over the weekend, CoinD
Bitcoin broke through $11,000 for the first time since January
Bitcoin broke through the $11,000 mark over the weekend for the first time since the end of January as its price continues to slowly rise following a violent sell-off at the start of the month.
Bitcoin Bonus? See What China’s Tech Giants Reward Their Employees
In China, year-end bonuses are usually rewarded to employees before Chinese Lunar New Year (Spring Festival). The long-waited annual largess from tech companies and annual showoff from their employees