Crypto exchange INX is launching $117 million security token IPO next week
August 21, 2020, 7:10AM EDT
1 min read
Cryptocurrency exchange INX is set to launch $117 million security token initial public offering (IPO) on August 24 or "shortly thereafter."
The yet-to-be-launched exchange said it would issue up to 130 million INX security tokens at $0.90 each. The minimum investment size per investor would be $1,000.
INX plans to use IPO proceeds to continue developing INX Trading Solutions, a regulated exchange for cryptocurrencies, security tokens and derivatives. Founded in 2017, the Gibraltar-based company first revealed its IPO plans in 2018 and filed a draft prospectus with the U.S. Securities and Exchange Commission (SEC) in August 2019.
INX's IPO would be the first security token offering registered with the SEC. However, the offering is unusual because the company is still at a pre-product stage. Traditionally, IPOs are launched by established and revenue-generating companies.
INX is headed by Alan Silbert, brother of Digital Currency Group's founder Barry. Its advisors include Casa's Jameson Lopp and Morgan Creek Capital's Mark Yusko, among others. David Weild, a former vice-chairman of Nasdaq, is also part of the INX team.