INX Limited To Introduce IPO Tokens By Next Week

Jyoti  |  Aug 21, 2020

INX crypto exchange is going to conduct its first Initial Public Offering (IPO) for its SEC approved hybrid token on August 24, as per company's official announcement. The hybrid token in question would act as a utility token on the exchange that can be utilized to conduct various operations on the platform and also double up as a share for the company.

In January 2018, for the first time, the company disclosed that it wants to release its IPO, then for a year, INX Limited prepared its prospectus to file with US Securities and Exchange Commission (SEC).

Single Entry-Point Platform For Investors

Currently, the Gibraltar-based company has been creating a single entry-point platform for its investors, so that they could trade multiple blockchain assets. INX Limited released a public statement notifying that it is hoping to raise a total amount of $111 million through its IPO. 

The blockchain company further explained that it would be selling 130 million INX Security Tokens in the public and each token will cost $0.90. It also suggested that the minimum tokens purchased by investors should worth $1,000. 

The hybrid INX token would be built on top of the Ethereum Blockchain on its popular ERC-20 token standard. The IPO cum security offering would also be a first of its kind since until now, none of the STOs conducted by any organization has been registered with the SEC. 

INX To Generate $111 Million For IPO Sale

Investors holding this Ethetreum-based tokens would be counted as shareholders of the company and they could also pay their trading fees at the platform.

According to the firm's SEC filing, after paying expenses and fees to advisory firm A-Labs, the company would still gain $111 million from its IPO sale.

The report states that the whole of the financial industries had been waiting for so long for the blockchain company to introduce its IPO. Investors believe that it is one of the largest blockchain companies trying to go public. 

Additionally, it has been said that the blockchain company would be using a part of its IPO proceeding to create a flagship platform called INX Trading Solutions.

Articles You May Read

    Related News