Immutable X (IMX)



Before trading any crypto asset, it is important to understand the risks. This overview summarizes certain risks associated with this asset. No securities regulatory authority has issued an opinion regarding this asset, including an opinion that it is not itself a security and/or derivative.

Investors in Canada are reminded that no securities regulatory authority or regulator in Canada has assessed or endorsed any Crypto Contract or Crypto Asset made available through the Uphold Platform.

Token Description & Project Background

Immutable X is a layer-2 scaling solution designed to facilitate the efficient exchange and production of Ethereum-based NFTs. The protocol leverages proprietary zero-knowledge proofs (zk STARK rollups) which are supposedly capable of scaling the network to 9,000 transactions per second with instant finality and no gas fees, while simultaneously employing Ethereum’s layer-1 security infrastructure.

In addition to operating their own protocol, Immutable X has gained recognition as the publisher of a pair of leading NFT-based games, “God’s Unchained” and “Guild of Guardians.”

Immutable X was designed to address several of the operational limitations impacting NFTs on Ethereum. These shortfalls include the network’s limited scale, as well as unsatisfactory user experiences and limited liquidity.

IMX is Immutable X’s native digital asset. It’s used to pay transaction fees, foster decentralized governance and secure the network via staking. IMX also features a daily rewards program that compensates users for trading and minting assets on the network, according to the protocol’s whitepaper.

Risks of IMX

Like an investment in other crypto assets, there are some general risks to investing in IMX. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in IMX is subject to the following specific risks:

  • Layer-1 blockchains are increasingly looking to add NFT support. Given the competitive nature of this space, any potential success associated with IMX will be heavily dependent on Ethereum’s continued adoption by NFT projects.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with IMX . Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The IMX community and core developers are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of IMX have no recourse IMX’s developers, community, or Uphold if IMX declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing IMX on the Uphold Platform, Uphold performed due diligence on IMX and determined that IMX is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

  • The creation, governance, usage, and design of IMX, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
  • The supply, demand, maturity, utility, and liquidity of IMX.
  • Marketing materials put forward by the IMX social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
  • Material technical risks associated with IMX, including any code defects, security breaches and other threats concerning IMX and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
  • Legal and regulatory risks associated with IMX, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of IMX. 


Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 5, 2023.

How to buy Immutable X (IMX)

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