[Grant Application] Simplex Integration

Hi team- I’m posting this grant application on behalf of Simplex.

As a bit of background, I’ve been working with Simplex for the last several months on the potential integration of ICON’s native token ICX into their fiat infrastructure platform. We’re now at the point where we can decide to move forward or not.

Please find details on the grant proposal below:

1. Title

Simplex fiat infrastructure solution integration

2. Project category: Infrastructure

  • Founded in 2014, Simplex has pioneered fiat to crypto infrastructure and is the leading provider in the space
  • Simplex provides an ability to utilize fiat to purchase tokens through over 120 partners including top exchanges, wallets, and brokers. In simpler terms, Simplex acts as the fiat on-ramp for many crypto partners including Binance, Bithumb, and many other leading institutions.

3. Project description

As part of this integration, ICX will be added to the list of crypto assets offered with this service (ie fiat on-ramp). We would be added to the following assets currently available:

ATOM, BCH, BNB, BTC, BUSD, CEL, DAI, DASH, EOS, ETH, LTC, LUNA, NANO, PAX, SDT, SGA, TRX, USDT, XAUT, XLM, XRP

This integration can benefit all ICONists by removing onboarding frictions seen with many altcoins.

As an example, our ecosystem partners, wallet providers, Dapps, and even ICON related websites could integrate a service like the Changelly widget into their application. And with the Simplex integration, users would purchase ICX directly with cards. Instead of the current process which requires swapping another crypto asset for ICX.

4. Project Duration

~1 month to complete integration after signing the contract

5. Milestones

NA

6. Funding

50,000 USD. This acts as a deposit for integration and compliance costs. The Foundation can earn back this deposit based on the fees generated by the Simplex service over 6 months.

For example, if Simplex generates $25,000 in fees from purchases of ICX in 6 months after the start date, the Foundation will receive $25,000 of the deposit back.

If Simplex generates $50,000 over the same period, ICON will receive the full deposit.

Note, this is a one-time deposit (fee structure).

7. Contact

I’ll be acting as the main contact for the Simplex relationship and coordinating documentation, tech integration, and execution.

8. Public Address

NA

Please let me know if you have any questions. Thanks!

Initial Review Result Comments

Review Result

Approve

Review Comments

Since Simplex is the leading fiat on ramp solution, we want more fiat on ramp to ICX so that people can easily access ICX. ICON Foundation would like to fully support this project.

Next Procedure

ICON Foundation provided the Initial Review Result Comments on the proposal. Grants recipients will respond to the Foundation’s response. Depending on your comments, the foundation will provide the Final Review Result Comments.