The cryptocurrency exchange INX has completed the first-ever security token offering registered with the US Securities and Exchange Commission. The initial public offering (IPO) closed with $85 million in proceeds from over 7,200 investors.
In addition to the previous private token sales and the cash in private placement equity, INX has raised a total of $125 million ahead of its listing in the Toronto Stock Exchange. The recently-concluded IPO places INX on the growing list of publicly traded crypto exchanges.
INX launched its IPO last year August on the Ethereum blockchain and initially planned to end in April. Shy Datika, the co-founder, said that the company’s IPO could encourage other companies to issue security tokens registered with the SEC.
INX to Use IPO Proceeds to Build Trading Platform
According to the official release, more than 50% of the funds raised were in cryptocurrencies. However, the exchange said it would convert the crypto payments into fiat. The funds raised will be used to build its trading platform for its security tokens.
The exchange has become the first company to issue SEC-backed security tokens. Per a report, INX plans to roll out crypto and digital securities trading in the future.