The announcement made on Medium mentioned, the number of exchanges who are going to supporting them in the token swap will be soon be updated. The token will be swapped at 1:1 swap exchange rate that is, 1 ERC20 ICX token = 1 mainnet ICX coin. According to token swap schedule, ERC20 ICX tokens deposits to the exchange will take place until– June 20 for Binance at 09:00, UTC +9, for Upbit at 22:00, UTC +9, and June 21 for Bithumb, time to be announced. For ICONex it is scheduled for June 25 at 13:00, UTC +9 to September 25 at 13:00, UTC +9. Anyone who is planning to swap the token must know that converting back to ERC20 ICX tokens is not possible.
For ICONex Token Swap, you need to create a wallet and send the ERC20 ICX tokens to the ICONex ETH wallet. You need to add ICX custom token to activate the token swap feature. The wallet will be created automatically and the amount of ICX you have swapped will be distributed to your ICON (ICX) wallet. However, you will be needing a small amount of ETH balance for the token swap. Token swap submissions that are received before 09:00 (UTC +9) will be processed and distributed on the same day at 18:00 (UTC +9). However, submissions that are received after 09:00 (UTC +9) will be processed the next day. No distribution is done on the weekends or holidays.
According to Medium, Mainnet ICON (ICX )coins will be available for trade only in exchanges that support Mainnet ICX. The report also mentioned that Mainnet ICX coins that are swapped using ICONex can not be traded right away in exchanges such as Binance, Upbit and Bithumb. They will be suspending ICX deposits during the token swap processing period. If you want to swap your tokens right away, use Binance, Upbit or Bithumb. All token swaps are to be done before the deadline. All the ICO (ICX) deposits and withdrawals from the exchanges will be suspended until the token swap process of the exchanges ends.
A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Kranbitcoin.