Bitcoin

The INX trading platform has completed an SEC-approved initial public offering valued at $ 125 million

INX Limited has completed the first token sale event approved by the Securities and Exchange Commission through an IPO.

According to a statement from the company, The blockchain trading platform generated gross income of $ 85 million from more than 7,200 investors, both retailers and qualified institutional. According to the announcement details, the average number of investors who participated in the IPO was 42.

As Cointelegraph previously reported, INX, registered with the SEC, intended to complete its token IPO before the end of April. The company had previously set the end of 2020 as the start date for the completion of the token IPO.

The INX trading platform has completed an SEC-approved initial public offering valued at $ 125 million
The INX trading platform has completed an SEC-approved initial public offering valued at $ 125 million

Together with $ 7.5 million from a previous private round and an additional $ 39.6 million (approximately $ 32.2 million) in private placement capital on the Toronto Stock Exchange, the Gibraltar-based company would have raised $ 125 million. TO However, this amount has to be definitively confirmed by the TSX – for the placement capital round – and is above the original target set during the initial public offering in August 2020.

According to the ad, Bitcoin (BTC), Ether (ETH) and USD Coin (USDC) crypto payments made up more than half of the amount received. INX said investment sums received through cryptocurrency payments have been converted into US dollars.

The $ 125 million raised by token’s initial public offering will be used to fund the creation of the company’s fully regulated cryptocurrency and security token trading platform.. The planned blockchain-based service will also offer client companies the ability to issue and sell tokenized securities.

In conversation with Reuters, the INX co-founder, Shy Datika expressed excitement that the company’s first public token offering will pave the way for other companies to issue SEC-approved security tokens..

In a conversation with Cointelegraph, the INX co-founder confirmed that the company already had around 30 companies that wanted to introduce security tokens on its platform.

According to Datika The introduction of blockchain technology is gaining ground among both private and institutional investors.

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