Kyber Network has joined forces with ICON, the decentralized network that is looking to bring blockchain communities together and hyperconnect the world.

ICON was founded in 2017 on the premise that country borders are becoming less and less relevant, and that blockchains can transcend these boundaries to create new social, political, and economic realities. Already a market leader in the Korea, the Swiss-based company is creating a vast ecosystem in which various blockchains can interconnect and thrive. Real world institutions like universities, hospitals, banks, and businesses will be able to plug into this network and seamlessly interact with one another via smart contract transactions and blockchain IDs. Powered by loopchain, ICON features DAVinCI domestic artificial intelligence, Smart Contract on Reliable Environment (SCORE) technology, the loopchain Fault Tolerance (LFT) algorithm, modular architecture, and a tiered system of differential access rights.

Kyber Network’s role in this strategic partnership is to connect its token conversion services to ICON’s inter-blockchain network. According to J.H. Kim, who sits on ICON’s Foundation Council, “the token exchange system is a key component of the inter-blockchain ecosystem. Exchange of tokens between independent blockchains is one of ICON’s ongoing business goals. Our partnership with Kyber Network brings us one step closer to inter-chain token exchange. Down the road, we hope to connect and support additional blockchains and tokens, eventually taking the place of today’s centralized exchange regime.”

This cross-chain partnership is the first of its kind for Kyber Network. “There are many protocols that exist in the blockchain ecosystem, each adding value in their own characteristic way,” said Loi Luu, co-founder and CEO of Kyber Network. “Even though we are built on top of the Ethereum blockchain, we believe it is important to contribute to other blockchains and protocols. The collaboration with ICON brings us one step closer to this aspiration of supporting cross-chain transactions, thereby delivering utility for different decentralized applications across chains.”

Such an iconic partnership will require deep engagement between both companies, including the sharing of research and technical information. As more blockchains and institutions participate in the ICON Network, transaction volume will increase exponentially, leading to a network effect and the rise of truly borderless communities.