Victor Ugochukwu · Dec 1, 2020 . 8min read
Crypto IPO issuer INX to acquire Openfinance to give digital securities trading a boost
Crypto IPO platform, INX Limited plans to acquire Openfinance Securities LCC in an attempt to lead the digital assets trading industry.
By Victor Ugochukwu · Oct 28, 2020 . 5min read
Crypto industry’s first IPO issuing platform INX is making plans to acquire Openfinance in a bid to bolster its position as a global leader in digital securities trading.
According to information found in the Securities and Exchange Commission’s (SEC) website, INX has already signed a term paper that would see it absorbing all of Openfinance businesses and licenses. Consequently, upon final acquisition, INX will maintain full control of Openfinance’s broker-dealer and ATS business. The SEC-approved digital asset exchange pioneer will also maintain Openfinance’s digital asset listings, client base and licenses.
Some of Openfinance’s listings include Blockchain Capital, Spice VC and the famous Lottery.com. With this acquisition, INX would have increased its customer base to nearly 10,000 and intends to continue operations to Openfinance’s existing customers before the acquisition.
Speaking on this acquisition plans, Shy Datika, founder and president of INX said
“Digital securities represent a new evolution in traditional capital markets. There are massive benefits of listing and trading digital assets versus traditional equities. Openfinance has pioneered this space and earned the respect of Wall Street, the blockchain community, and U.S. regulators.”
On the other hand, Openfinance’s CEO sounds optimistic concerning the INX merger. Citing the alignment of vision of both firms, Jim Stoneridge said regulatory oversight and liquidity are the ingredients for adoption.
The consolidation of two leading platforms will be the catalyst needed to move this industry forward”
INX acquisition of Openfinance feeds on its strategic vision
Earlier, INX launched an ambitious Security token IPO in August and already has contributors buying into it. The regulatory-compliant digital asset trading platform aims to raise $117 million in its IPO. As of September, it started accepting contributions in cryptocurrencies; majorly Bitcoin and ETH.
With INX acquisition of Openfinance, its goal of broadening access to security tokens is one step closer. After all, it’s customer base will see a massive boost to nearly 10K just by this acquisition alone.
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Komal Joshi · Nov 30, 2020 . 5min read