INX, a regulated trading platform, has just announced that their acquisition of OpenFinance is about to complete. OpenFinance is a security token offering platform and its users have received an email that both the firms are waiting to get regulatory approval. After getting this approval, the change in ownership will be completed. According to INX, in the next few months, it is expecting to launch its digital assets and trading platforms.
User-Base of INX Expected to Increase Massively After this Acquisition
As per the announcement, it is expected that after this acquisition, the user base of INX is going to increase to a very great extent. After this acquisition, the firm will have control over the broker-dealer and alternative trading system (ATS) of OpenFinance. Along with this, it will also take on the OpenFinance’s licenses, digital asset listings, and its user base as well.
Shy Datika, the president and founder of INX, has said:
“The broker-dealer and ATS business enable investors to trade security tokens on the OpenFinance platform.”
He also mentioned that after closing this deal, they will be going live in the next few months with their crypto and securities trading platform.
Support for More Token Will Come in the Future
According to a December 2020 report by the Security Token Group, OpenFinance hosts pairings of five tokens. It is having a market capitalization of $27.7 million, which is 7.4% of the total security token capitalization. Moreover, it is revealed that INX will be extending support for more tokens in future. The users might see the support for the tokens of Diamond Standard, Wave’s Kentucky Whiskey Fund, and several others. Furthermore, the tokens from digital real estate platforms like Klickown and Solidblock will also be seen on INX’s platform in the near future. It is believed that after this acquisition, INX’s total volume will be increased to a very extent along with the user base.