Crypto Trading Firm INX Hopes to Raise $5M-$130M in Upcoming IPO

Crypto startup INX Limited has filed a prospectus with the SEC intending to conduct an IPO of 130 million native tokens to raise between $5 and $130 million.

Gibraltar-registered blockchain and cryptocurrency-focused startup INX Limited intends to raise between $5 million and $130 million through an initial public offering (IPO) per a document filed with the United States Security and Exchange Commission (SEC).

The filing reads that INX — which develops a regulated platform for cryptocurrency trading and an alternative trading system for security tokens — is planning to conduct an IPO of 130,000,000 INX Tokens. Those investors who want to participate in the IPO will have to contribute no less than $1,000.

A filing with the SEC for token sales of this scale rather than as an unregistered initial coin offering (ICO) comes amid increasing SEC prosecution of ICO’s deemed to be fraudulent.

$5 million or bust

INX wrote in the filing that it will not complete the sale of any INX tokens until it raises gross offering proceeds of $5 million within one year. Investors will have the option to pay for INX tokens with Bitcoin (BTC) or Ether (ETH), while BTC/USD and ETH/USD exchange rates will be determined by Brave New Coin’s Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX).

INX is ostensibly planning to establish a security token as well as two trading platforms operated by its wholly-owned subsidiaries. By the end of 2019, the company intends to receive money transmitter licenses or otherwise qualify to operate in eight U.S. states. The company also notes that in the future it plans to launch a platform for trading derivatives such as futures, options and swaps.

Industry’s mixed feelings on IPOs

In late July, Cointelegraph reported that Chinese Bitcoin mining giant Canaan Creative had filed a $200 million IPO request with U.S. regulators. The IPO filing reportedly means that Canaan is the first Chinese market participant to successfully take its case to the U.S. market.

As the Wall Street Journal reported in mid-June, traditional exchanges are holding off on Reg A+ IPOs following problematic offerings like that of purported cryptocurrency firm Longfin Corp. Earlier in June, the SEC filed fraud charges against Longfin, claiming that the firm fabricated 90% of its revenue and sold over 400,000 shares of Longfin that it did not have the funds to back in a scheme to secure its spot on the Nasdaq.

Visit the USSA News store!
Click this link for the original source of this article.
Author: Ana Alexandre


This content is courtesy of, and owned and copyrighted by, https://cointelegraph.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://cointelegraph.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.

USSANews.com USSANews.com