SEC-registered cryptocurrency exchange INX completes its April IPO.
INX has been accepting cryptocurrencies such as Bitcoin and Ethereum for security token IPOs approved by the SEC since September 2020.
According to Cointelegraph, a media specializing in cryptocurrency on the 6th (local time), INX Limited, a Gibraltar-based securities and cryptocurrency trading platform, is about to close the public offering.
According to the announcement on the 5th (local time), it is expected that the token will be listed on at least one public trading platform by the end of May 2021, so April 22 will be the last day of INX’s IPO, and INX’s IPO will end. It announced that it plans to launch a digital trading platform shortly after that.
INX plans to raise up to $117 million (approximately $117 million) from the security token offering approved by the U.S. Securities and Exchange Commission (SEC), starting an IPO in August 2020.
Shai Datika, CEO of INX, said, “It is the first company to launch SEC-registered digital security IPOs for retail and institutional investors.”
INX has not specifically disclosed how much it has raised through IPOs so far.
As previously reported by Cointelegraph, INX originally expected to complete its IPO by the end of 2020, raising a total of $10 million as of the end of October.
Through IPO, it has been paid not only in major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), but also in USDC (USDC), a stable coin valued in US dollars. When INX introduced cryptocurrency payment options in September 2020, Bitcoin and Ethereum were trading around $1500 and $380, respectively. Both cryptocurrencies have risen more than 500% since September amid a massive rally in the cryptocurrency market.
As Coinbase, a major U.S. cryptocurrency exchange, is preparing to list its shares directly on the NASDAQ Global Select Market, INX is in the final stages of preparing for IPO.
Meanwhile, Coinbase is expected to start trading Class A common stock on April 14th under the ticker name “COIN”.