INX has signed a term sheet for the acquisition of OpenFinance, which operates as a registered broker-dealer in compliance with the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.
It has been reported that with the new deal, INX is set to acquire OpenFinance’s broker-dealer and alternative trading system business including its systems, digital asset listings, client base, and licenses.
However, OpenFinance’s listings include firms like major industry venture capital firm Blockchain Capital, Spice VC, and Lottery.com.
INX’s representatives said that their company will assure continuity of operations and service to OpenFinance’s customer base.
INX is going to acquire @OpenfinanceIO! Click here to learn more about our unified vision of providing a safe and regulated ecosystem for listing and trading of digital assets >>> https://t.co/1skzLl4nrI — INX Ltd. (@INXLimited) October 27, 2020
Shy Datika, the President and Founder of INX, highlighted that the new acquisition will bolster INX’s leadership in the digital assets’ ecosystem.
“Digital securities represent a new evolution in traditional capital markets. There are massive benefits of listing and trading digital assets versus traditional equities. OpenFinance has pioneered this space and earned the respect of Wall Street, the blockchain community, and U.S. regulators.”
Likewise, Jim Stonebridge, the CEO of OpenFinance, highlighted that INX and OpenFinance share the same vision of providing a safe and regulated ecosystem for listing and trading of digital assets.
“We believe that regulatory oversight, combined with liquidity, will make digital assets the financial instrument of choice for companies and investors seeking to access and raise capital.”
Thus, the latest news comes amidst the INX’s ongoing initial public offering (IPO) registered with the United States Securities and Exchange Commission.