INX exchange is now accepting leading cryptocurrencies as a part of its IPO [Initial Public Offering]. The exchange hopes to boost $117 Mln from both retail as well as institutional investors.
In line with a recent official announcement, over 3,000 retail and accredited investors registered for the INX token offering within the first 3 days. INX added that the firm set the offering price of $0.90 USD per token with a minimum investment of $1k USD. BTC/USD, ETH/USD and USDC/USD exchange rates are going to be determined within the manner as disclosed in the final prospectus, the firm added.
As reported earlier, INX’s ongoing sale is the primary security token IPO that’s registered beneath the U.S. SEC [Securities and Exchange Commission], A registration statement concerning the offering of those securities was declared effective by the SEC earlier on 20th Aug., this year.
Within the announcement, INX added that the offering is merely available within California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Louisiana, Michigan, Minnesota, New York, Texas, Washington, Wisconsin as well as Wyoming.
As per the firm, INX intends to use the funds raised from the sale of INX tokens to launch a multi-service digital asset platform. As such, INX plans to line up a regulated cryptocurrency trading platform for crypto assets, security tokens, and their derivatives, & also launching a cash reserve fund.
Also earlier in August, some figures within the crypto community explicitly criticized INX for “shilling” an SEC-cleared token. As reported, Stefan Jespers, referred to as WhalePanda on Twitter, compared the INX token to Binance’s native coin Binance Coin [BNB]. The CTO of Casa and a self-proclaimed cypherpunk [Jameson Lopp], expressed an identical stance, stating:
“Not an equity offering. Not yo’ mama’s ICO. A guaranteed share of money flow.”