INX, the crypto IPO issuer, has announced that its acquisition of OpenFinance, the security token offering (STO) platform is almost complete.
It has been reported that the parties are now just awaiting regulatory approval to complete the change in ownership.
However, INX expects its digital asset and securities trading platforms will be launched “in the next few months.”
The report said that the acquisition will see INX take on OpenFinance’s broker-dealer and alternative trading system (ATS), business, including all licenses, digital asset listings, as well as its customer base. The move is expected to more than quadruple INX’s user base.
Shy Datika, the President and Founder of INX, said:
“The broker-dealer and ATS business enables investors to trade security tokens on the OpenFinance platform. Now we expect to go live a few months after closing [the deal] with both our cryptocurrency trading platform and a fully-regulated securities trading platform.”
Likewise, according to Security Token Group’s December 2020 report, OpenFinance currently hosts pairings for five tokens representing a combined market cap of nearly $27.7 million, or around 7.4% of the total security token capitalization. However, the monthly volume across the platform was just $6,660.
INX’s acquisition of security token platform OpenFinance is expected to quadruple the firm’s user base. https://t.co/pal762pXik — Cointelegraph (@Cointelegraph) January 28, 2021
It has been analyzed that INX plans to build on the existing listings by announcing future support for the tokens of diamond market-maker Diamond Standard, Wave’s Kentucky Whiskey Fund, digital real estate platforms Klickown and Solidblock, and the in-game currency for Pixelmatic’s upcoming MMO strategy game.
Thus, in December, security tokens drove around $2.7 million in monthly volume.
Source: Cointelegraph