INX, a Gibraltar-based cryptocurrency exchange, is now accepting major cryptocurrencies as part of its initial public offering, as the company hopes to raise $117 million from both retail and institutional investors.
However, the firm’s representatives said that INX raised $7.5 million by September 10 since launching the IPO.
According to the report, more than 3,000 retail and accredited investors registered for the INX token offering in the first three days.
"By raising $7.5 million in dollars, INX has cleared the minimum threshold that was imposed by the U.S. SEC, and is now about to start accepting cryptocurrency, namely BTC, ETH, and USDC." https://t.co/wYlUARJZw4 via @chain_bulletin — INX Ltd. (@INXLimited) September 14, 2020
INX said that the company set the offering price at $0.90 per token, with a minimum investment of $1,000. BTC/USD, ETH/USD and USDC/USD exchange rates will be determined in the manner as disclosed in the final prospectus.
As previously reported, INX’s ongoing sale is the first-ever security token IPO that is registered with the United States Securities and Exchange Commission. A registration statement relating to the offering of these securities was declared effective by the SEC on August 20.
Likewise, INX clarified that the offering is only available in California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Louisiana, Michigan, Minnesota, New York, Texas, Washington, Wisconsin, and Wyoming.
INX starts accepting crypto payments after raising $7.5M in its IPO https://t.co/SIyr4trWoD #bitcoin — Mobile Dimension (@mobildimension) September 14, 2020
According to the firm, INX intends to use the funds raised from the sale of INX tokens to launch a multiservice digital asset platform.
Thus, INX plans to set up a regulated crypto trading platform for crypto, security tokens, and their derivatives, as well as to launch a cash reserve fund.