Victor Ugochukwu · Dec 14, 2020 . 5min read
Crypto Exchange INX is the First SEC Registered IPO to Embrace Crypto Payments
Gibraltar based Crypto exchange INX commences accepting crypto payments after it successfully raised $7.5 million in its IPO.
By Komal Joshi · Sep 16, 2020 . 5min read
Crypto exchange INX after raising $7.5 million in its IPO, will start accepting bitcoin (BTC), ether (ETH), and USDC stablecoin. It announced that above 3,000 retail and accredited investors enrolled for the INX token offering during its first three days. In July, token exchange INX Limited declared its aim to raise funds via a traditional initial public offering (IPO). The IPO commenced in August, making INX the first-ever Security Exchange Commission registered security token IPO.
INX Raises $7.5 Million in IPO
The IPO started as it declared that it has fortunately cleared the first financial marker set out in its capital raise USD 7.5 million, the minimum requirement for the offering. The road to this IPO was a long one for the crypto exchange; the company has been attempting to get the IPO off the ground for two years. Therefore, this lengthy period resulted from preferring to raise funds with an IPO that require the SEC’s approval and is incredibly difficult.
INX Offering Available in 14 States
Accordingly, INX established the offering price at $0.90 per token with a minimum investment of $1,000. The offering is possible in 14 U.S. states. It includes California, Connecticut, Illinois, Colorado, Georgia, Hawaii, Louisiana, Minnesota, Michigan, New York, Texas, Wisconsin, Washington, and Wyoming. Moreover, the company intends to utilize IPO proceeds to develop INX Trading Solutions, a regulated exchange for cryptocurrencies, security tokens, and derivatives.
INX intends to offer a regulated trading platform for digital securities and cryptocurrencies integrating conventional market expertise along with a novel fin-tech approach. It also plans to launch a cash reserve fund. Moreover, an accomplished team of businesses, finance, and blockchain technology specialists are managing INX. Additionally, they united to restructure the world of capital markets through blockchain technology and a novel regulatory approach.
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