Gibraltar-based INX Limited has launched its Initial Public Offering (IPO) today with 130 million security tokens up for sale that will eventually be used on its upcoming exchange.
It becomes the first security token IPO that has been cleared by the US Securities and Exchange Commission (SEC).
INX’s goal is to spearhead a regulated future for the digital asset industry, which would in turn open up investment opportunities from institutions like banks, hedge funds and family offices.
The platform will offer trading Solutions to enable single entry-point for their customers for the trading of cryptocurrencies, security tokens and their derivatives.
Having filed an F-1 Form – a securities registration for non-US issuers – with the Securities and Exchange Commission (SEC), under the SEC filing code INX F-1, a registration statement relating to these securities has now become effective. Based on the filing, the $117 million is set to be the largest crypto IPO in history, with 130 million INX tokens available at $0.90 each.
Shy Datika, Founder and President of INX commented, “Our vision for INX and the INX Token required a solid foundation of regulatory clarity for security tokens and cryptocurrencies. Gibraltar’s regulators were ahead of other jurisdictions on forging a path in this respect, and so INX was glad to make it our home.”
— INX Ltd. (@INXLimited) August 26, 2020
INX has surprisingly attracted attention and even praise from the most staunch Bitcoin maximalists, who typically dismiss altcoins and other blockchains as being insufficient.
Casa HODL CTO Jameson Lopp touted it as being an “interesting project” and a different beast from other altcoins.
Gibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP, said: “The news that the Gibraltar-domiciled INX platform has become the first SEC-cleared security token IPO is a hugely important moment for INX, but also for our jurisdiction’s burgeoning ecosystem.
“Here in Gibraltar, we continue to break new ground with regard to blockchain and crypto innovation, and INX has contributed significantly to this collective effort. I would like to congratulate the INX team who have worked relentlessly to reach today’s milestone.”
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.