ICN Conversion Process Begins
Tags: Iconomi, Blockchain, Ethereum, Bitcoin, Announcements

Please note: Due to changes in the ICN exchange process, the information below is subject to change. The last change occurred on November 23, 2018. Please also consider finding updated information regarding eICN in our Help Center and recent blog posts:

As announced in September (with more details available here), ICONOMI is opening the doors for its token holders to begin the process of converting their ICN tokens into ICONOMI AG shares or exchanging their ICN tokens for Ether (ETH).

Conversion of ICN Tokens into ICONOMI AG Shares

Since our initial announcement, we have incorporated ICONOMI AG, a joint-stock company, in Liechtenstein, that will serve as the holding company for all activities comprising the ICONOMI platform. Beginning on October 30, 2018, ICN token holders will be able to submit their interest to convert their ICN tokens into ICONOMI AG shares by going to www.iconomi.com and clicking the “Convert ICN” button at the top of the page. The page will then guide them through the rest of the process.

As conversion of ICN tokens into ICONOMI AG shares requires Tier 2 verification on the ICONOMI platform, we encourage all ICN token holders who are not currently verified as Tier 2 users on the ICONOMI platform to either create an account on the ICONOMI platform and verify their account to Tier 2 or upgrade their verification level from Tier 1 to Tier 2. The list of countries supported for Tier 2 can be found here. Since user verification can take up to a week, we strongly urge all ICN token holders who wish to convert their ICN tokens into ICONOMI shares to start the Tier 2 verification process as soon as possible in order to be eligible for submission of non-binding interest for conversion in the first round, which ends on December 31, 2018.

Users who are not eligible to become Tier 2 users on the ICONOMI platform are kindly encouraged to contact us at eicn.support@iconomi.com.

The conversion process of ICN tokens into ICONOMI AG shares will be constituted of several steps. In the first step, we will be collecting non-binding interest from ICN token holders to convert their ICN tokens into ICONOMI AG shares. This phase will be done in multiple rounds, with the first round commencing on October 30, 2018 and lasting until December 31, 2018. The offer for conversion will be prepared based on the collected non-binding interest. After any and all regulatory requirements are met, we will move forward with the execution of the conversion of ICN tokens into ICONOMI AG shares, i.e., the offering phase. This means ICONOMI AG will issue a binding offer to ICN token holders who have validly submitted their non-binding interest to convert ICN tokens into ICONOMI AG shares, whereby acceptance of ICONOMI AG’s offer will result in the actual conversion of ICN tokens to ICONOMI AG shares.

After December 31, 2019, conversion of ICN tokens into ICONOMI AG shares will no longer be possible. We therefore urge all ICN token holders to participate in the first round, as subsequent rounds may be less favorable for them.

Exchange of ICN Tokens for ETH

Beginning on October 30, 2018, ICN token holders will be able to exchange their ICN tokens for ETH by going to www.iconomi.com and clicking the “Convert ICN” button at the top of the page. The page will then guide them through the rest of the process.

Similar to the conversion of ICN tokens into ICONOMI AG shares, the exchange of ICN tokens for ETH will be done in multiple rounds, with the first round commencing on October 30, 2018 and lasting until December 31, 2018.

In the first round of exchange of ICN tokens for ETH, ICN token holders who choose to exchange their ICN tokens for ETH will receive ETH in two batches, the first being no later than December 31, 2018 and the second being no later than January 15, 2019.

There is no limitation as to the eligibility of ICN token holders to convert their ICN tokens into ETH. Exchange of ICN tokens for ETH does not require Tier 2 verification on the ICONOMI platform. We will, however, ask ICN token holders who wish to exchange their ICN tokens for ETH to enter their email address in order to be able to follow the progress of conversion.

US and Other ICN Token Holders

US ICN token holders and other ICN token holders who are unable to verify for Tier 2 verification who wish to convert their ICN tokens into ICONOMI AG shares will be handled separately from ICN token holders who are able to obtain Tier 2 verification. We kindly ask US ICN and other ICN token holders to contact us at eicn.support@iconomi.com. Prior to contacting us, we encourage all US and other ICN token holders to check the ICONOMI General Terms and Conditions for ICN Token Conversion.

The process of conversion of ICN tokens held by US token holders into ICONOMI AG shares will likely take longer than the conversion process of ICN tokens into ICONOMI AG shares for other ICN token holders. We would nevertheless like to assure US ICN token holders that they will be offered ICONOMI AG shares under the same conditions as all other ICN token holders.

We will invest our utmost effort into finding a favorable solution for US ICN token holders, keeping in mind the particularities of US securities laws and regulatory compliance.

US token holders who wish to exchange their ICN tokens for ETH can do so in the same way as all other ICN token holders, i.e., by visiting www.iconomi.com and clicking the “Convert ICN” button at the top of the page. The page will then guide them through the rest of the process.

Questions

Any questions can be submitted to eicn.support@iconomi.com. The same email can be used by ICN token holders who wish to convert their ICN tokens into ICONOMI AG shares and are not able to verify to Tier 2.

We would like to stress that any wallet address for the transfer of ICN tokens will be visible only on the ICONOMI platform and will not be communicated to ICN token holders via email, Medium, Twitter, Reddit, Rocket.Chat, or any other communication channel. We strongly advise ICN token holders to be extremely cautious regarding any malicious actions, including phishing or other kinds of attacks, and to perform any and all actions related to the conversion of their ICN tokens into ICONOMI AG shares or the exchange of their ICN tokens for ETH exclusively on the ICONOMI platform.

In order to address additional questions ICN token holders may have, we have prepared Part II of our Frequently Asked Questions, which is available here.

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