Business

Blockchain-based INX finalized its $125M SEC-approved token IPO

blockchainbased inx 125m 200k

The first token sale event ever authorized by the Securities and Exchange Commission was successfully concluded by INX Limited through an IPO. This blockchain trading platform generated $85 million in gross funds. According to a press release from the company, they received contributions from over 7,200 individuals, including accredited institutional actors and regular investors. 

According to information from the release, there were 42 investors on average who took part in the token IPO. The SEC-registered INX sought to complete its token IPO by the end of April, as Cointelegraph has previously reported. As a result, the business had originally planned to wrap up the token IPO towards the end of 2020.

In addition, the Gibraltar-based firm has allegedly raised $125 million. The total raised amount includes the $7.5 million from a prior private deal and an additional $32.2 million (39.6 million Canadian dollars) in private placement stock on the Toronto Stock Exchange.

Meanwhile, this amount is more than the initial objective stated during the launch of the company’s IPO in August 2020. However, it is still subject to final confirmation from the TSX for the placement equity round.

The release states that more than half of the funds raised came from cryptocurrency payments made with Bitcoin (BTC), Ether (ETH), and USD Coin (USDC). The investment funds obtained through cryptocurrency payments, according to INX, were converted to dollars.

Additionally, the company’s fully regulated trading platform for crypto and security tokens will be built using the $125 million raised from the token IPO. The envisioned blockchain-based service would provide client companies the opportunity to create and market tokenized assets. Shy Datika, the co-founder of INX, told Reuters with delight that other businesses would be able to issue SEC-approved security tokens.

The co-founder of INX acknowledged to Cointelegraph that there were already roughly 30 businesses interested in launching security tokens on the company’s platform. Lastly, according to Datika, institutional and individual investors are starting to utilize blockchain technology.

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