The INX crypto exchangebased in Gibraltar, will start its long-awaited IPO on August 24, 2020, after two years. The exchange aims to sell 130 million tokens for a net worth of $ 0.90 up to $ 111 million on an expense basis. This is evident from the latest filing with the SEC.
This is the first Security Token Offering (STO) to be registered with the SEC. Regular investors are allowed to participate legally.
Until now, STOs have generally only submitted reports to the supervisory authorities as long as they are not registered, which limits the participation of institutional and registered investors.
INX tokens will be a hybrid utility and value token solution, where holders can use the tokens to pay trading fees on the platform while also acting as the company’s shares. The proceeds from the sale will be used to build INX’s regulated exchange, INX Trading Solutions, and will provide a cash pool of $ 62 million for contingent liabilities such as data breaches, trade execution errors or counterparty defaults.
According to the files of the co-founders and president Shy Datika already has 9.4 million INX tokens (7.2% of the total supply), while A-Labs CEO Doren Cohen (the company negotiating the IPO) has 4.55 million tokens (3.5% of the Total offer).. Nine of the company’s ten advisors collectively receive less than 2 million tokens for $ 0.01 per token.
If only the minimum amount of $ 7.5 million is raised, INX will only keep $ 2 million on an expense basis. The company will continue to develop even though certain aspects are no longer funded, including the emergency fund.
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