on the crypto
The Gibraltar-based trading group filed a securities registration for non-US issuers with the Securities and Exchange Commission (SEC) earlier this week.
The INX plan
Originally scheduled for Q2020 130, the sale has been moved to next year. According to the report, INX will offer 0,90 million INX tokens at $ 117 each, reaching a maximum total of $ XNUMX million, which could make it the largest IPO in the digital assets sector to date.
In the prospectus presented in March, the company hoped to raise $ 130 million by selling tokens for $ 1 each. The current maximum target, if reached, would still be $ 27 million more than the IPO of mining chip maker Canaan in November 2019. Investors will be able to buy INX tokens with cryptocurrencies and US dollars (find out how buy Bitcoins securely).
US target
INX is an exchange of security tokens and cryptocurrencies that aims to operate in the United States. The company's CEO, Alan Silbert, is the brother of Barry Silbert, founder and CEO of Digital Currency Group. A number of other crypto companies are planning to become publicly negotiable.
Last week, another Hong Kong-based cryptocurrency exchange said it would start trading on the NASDAQ via a reverse quote in the third quarter. Coinbase is said to be considering a direct listing in the United States next year.
INX token
Since INX is an ERC-20 token, investors will need an Ethereum wallet address to participate in the sale. The exchange said in its latest filing that it will not send tokens to Ethereum wallets based on potential rival exchange platforms, including Coinbase.
INX tokens can be used against transaction fees and give holders the right to receive 40% of the cumulative net cash flow on an annual basis when the platform earns more than it spends.
Tokens do not confer ownership of the company itself. However, token holders are unlikely to earn much in the first year. In the filing, INX claims it has not actually made any revenue since its launch in 2017 and has lost $ 3,7 million in 2019. In fact, the IPO funds will actually go to the launch of the digital trading platform that INX says it will finally be able to earn. revenue.
VIP support
The prospectus highlights that INX has received support from high-profile figures in the industry. Riccardo Spagni, Monero's former main maintainer and public, owns 7,5% of the company (just under a million dollars) and Litecoin creator Charlie Lee owns INX ordinary shares worth $ 100.000.
INX stated in its previous prospectus that it would apply for a New York BitLicense, although this is not explicitly mentioned in Monday's filing. The company still plans to move its headquarters from Gibraltar to New York at a future, undisclosed date.
