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.
An Interview With Angelo Melis, Founder of Local World Forwarders (LWF) Project
The applications of blockchain technology across industries is increasing every day. Among these, the supply chain and logistics sector is one among them. Recognizing the need for a complete overhaul
Mario Draghi States There’s no Need for Bitcoin Regulation in Europe Right now
Europe is a rather controversial region when it comes to Bitcoin and cryptocurrencies. Up until this point, there is no hint of any regulatory measures whatsoever. That isnât necessarily a bad
Bitcoin Price Could Reach $10,000 if China Resumes Cryptocurrency Trading This Year
Earlier today, on October 21, the Bitcoin price achieved a new all-time high at $6,199. The market is confident that the price of Bitcoin could reach $10,000 in the mid-term if major markets such as
Coinbase Claims the Bitcoin Gold “Fork” has Already Taken Place
There are some conflicting reports regarding the Bitcoin Gold fork date. This is not entirely surprising, as the project is poorly organized at best. The website claims the âforkâ â which isnâ
Blockchain Asset Fund: Community Driven Investment Solution, Announces BAF Token Fundraiser
The cryptocurrency industry has in the recent days, broken all the past records. The rapid growth in value of the overall market has evoked mixed reactions, with some hailing the digital currency
SegWit2x Lead Mike Belshe: ‘Things Are Looking Good’ for Bitcoin Hard Fork
BitGo chief executive and SegWit2x project lead Mike Belshe says that, despite contention within the bitcoin community related to the block size debate, “things are looking good” for the SegWit2x hard
ECB Chief: Bitcoin Not ‘Mature’ Enough for Regulation
European Central Bank (ECB) chief Mario Draghi says that bitcoin and other cryptocurrencies are not mature enough for regulation.
As reported by CNBC, the ECB president made these comments during a
Bitcoin Price Climbs to $6,200 as Record-Setting Advance Continues
Bitcoin’s record-setting run continued on Saturday, as the bitcoin price touched the $6,200 mark to set a new all-time high.
On Friday, bitcoin shocked analysts and investors alike when it made a s