INX raised $125M in Registered Security Token’s first IPO

Blockchain trading platform INX completed the first IPO of its SEC-approved token. The platform overall raised $125M during the trade. INX Limited has announced an initial public offering to conduct the first-ever Securities and Exchange Commission-approved token sale event.

The company issued a release recently stating that it raised $85 million in gross proceeds from over 7,200 investors, including retail and qualified institutional actors. The average of traders who participated in the token IPO was 42. The company wanted to finish its token IPO before the end of April. The SEC-registered INX had previously outlined the end of 2020 as its initial date to complete the token IPO.

The platform has already gained $7.5 million from a previous private sale, adding another 39.6 million Canadian dollars (approximately $32.2 million) in private placement equity on the Toronto Stock Exchange. Overall, the Gibraltar-based company has raised $125 million, according to the latest reports.

However, the TSX must confirm this final sum. The initial target set during the token’s August 2020 IPO launch was much lower than the achieved result.

How did INX gain so much? 

The company reported that crypto payments from Bitcoin (BTC), USD Coin (USDC), and Ether (ETH) accounted for more than half of the amount raised. It also added that it converted the investment sums received via cryptocurrency payments to U.S. dollars.

INX will use the $125 million raised from the token IPO to fund the creation of the company’s fully regulated trading platform for both crypto and security tokens. Furthermore, the company planned a blockchain-based service, which will enable client firms to issue and sell tokenized securities.

INX co-founder Shy Datika noted that INX’s token IPO would pave the way for other firms to issue SEC-approved security tokens.

The INX co-founder also confirmed that the company already had approximately 30 companies looking to launch security tokens on its platform. Datika stated that blockchain adoption is catching on across both institutional and retail investors.