INX (company)

INX is an electronic platform for trading blockchain assets. In August 2020 the company became the first company to be cleared by the U.S. Securities and Exchange Commission (SEC) to issue a registered security token in its Initial public offering (IPO).[1][2]

Overview

INX was founded in 2017 by Shy Datika, the President and controlling shareholder.[3] He was formerly the co-founder and CEO of Anyoption[4] and ILSBrokers.[5] On its board of directors is David Weild IV, previously vice chairman of NASDAQ.[6] The company is incorporated in Gibraltar and has three offices: in Israel, the U.S. and Gibraltar. It has two subsidiaries in Delaware: INX Services and INX Digital.[3]

Initial public offering

In February 2018 the company filed a registration statement with the U.S. Securities and Exchange Commission (SEC).[7][8] The company's initial public offering, which launched in August 2020[9][10] offers 130 million INX tokens to the public, based on an ERC-20 token standard, with a minimum investment of $1,000.[11] The INX token holders will be entitled to a 40% profit share of the company's net cash flow, not including revenues from the initial sale, but they won't be equity holders of the firm. The tokens have features of both utility and security tokens.[3]

Subsidiaries

The company's U.S. subsidiary, INX Digital, will operate a cryptocurrency trading platform and expects approval to operate in forty - U.S. states by the second quarter of 2021.[12]

In October 2020 INX set to acquire broker-dealer and ATS Openfinance, subject to regulatory approvals. Openfinance raised 25 millions dollars since 2017 and it's valued between 40 to 70 million dollars. [13]

References
  1. Ariel Shapira (September 14, 2020). The next step in the evolution of finance. Jerusalem Post.
  2. Oliver Knight (August 27, 2020). INX Limited becomes the First SEC-cleared security token IPO. Yahoo! Finance.
  3. Roy Katsiri (August 24, 2020). Israeli co INX set for $117m security token IPO. Globes.
  4. Avi Mizrahi (January 18, 2016). An interview with Shy Dattika. Finance Magnates.
  5. Meir Orbach (August 21, 2019). Crypto company INX wants to Raise $130 million in a U.S. IPO. Calcalist.
  6. JD Alois (April 21, 2020). Digital assets: INX token initial public offering said to be approved. Crowdfund Insider.
  7. Form F1 registration statement. SEC.
  8. Shiri Habib-Valdhorn and Roy Katsiri (August 20, 2019). Israeli co INX files for first-ever US SEC recognized ICO. Globes.
  9. Registration statement. August 20, 2020. SEC.
  10. Notice of Effectiveness. SEC.
  11. Arnab Shome (August 21, 2020). INX to Launch $117 Million Hybrid Token IPO Next Week. Finance Magnates.
  12. JD Alois (September 16, 2020). INX Digital Security Offering Hits First Hurdle, in the US Currently Investors in 14 States May Participate but Must Adhere to Suitability Rules. Crowdfund Insider.
  13. Aziz Abdel-Qader (October 27, 2020). INX limited to acquire Openfinance broker-dealer and ATS Business. Finance Magnates.
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