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GunBroker, the world’s largest online marketplace for firearms, ammo, and accessories will soon allow its 4.7 million customers to buy and sell hunting/shooting accessories and firearms using a new crypto token called FreedomCoin – a utility token developed by ICOx innovations.
According to press release announcing the new cryptocurrency by ICOx innovations, the newly developed USD-pegged stablecoin FreedomCoin can be used on the GunBroker’s website to make transactions faster and cheaper. This news comes right after ICOx revealed its plans to be listed on the Canadian TSX Venture Exchange.
ICOx innovations through its subsidiary ICOx USA Inc. and FreedomCoin LLC have been commissioned by GunBroker.com to design and develop regulatory-compliant corporate digital currency which can be used on the
As stated in the press release, ‘GunBroker.com users can purchase FreedomCoins with U.S. dollars and store them in a personal, secure blockchain wallet until needed.’ Traders will be able to convert their FreedomCoin using easy-to-use app that is designed to meet the criteria of the current regulatory framework through know your client (KYC) and anti-money laundering (AML) compliance along with money transmitter licensing.
Speaking about the FreedomCoin launch, President of ICOx Innovations Bruce Elliott stated:
“We are excited to bring the over 4.7 million customers and $600 million in yearly transactions GunBroker.com has in its network the ability to buy and sell products with a corporate cryptocurrency and blockchain-enabled infrastructure. This is the one of the first use cases that I’m aware of where a compliant cryptocurrency can truly replace the need for other costly and time-consuming payment options which is something of extreme value to GunBroker’s users. With hundreds of millions of dollars transacted annually on GunBroker.com, this may potentially become the most retail transacted cryptocurrency in the US.”
ICOx USA Inc. will charge up to $2 million to conclude the deal and will also acquire up to 20% ownership of the FreedomCoin LLC. for a total $1 million as stated in the agreement.
Steven F. Urvan, CEO, and CTO at GunBroker.com added:
“Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions. Thanks to ICOx and BitRail, now we can virtually eliminate that problem and expose a whole new segment of a gun and outdoor enthusiasts to the world of digital payments.”
ICOx innovations designs and creates blockchain economies for a large sized business organizations to scale their businesses by leveraging blockchain technologies and cryptocurrencies.