The INX cryptocurrency trading platform plans to raise up to $ 130 million through an initial offer of tokens-shares registered with the US Securities and Exchange Commission (SEC).
This week, the Gibraltar company INX submitted to the SEC a preliminary prospectus for the issue of 130 million INX tokens based on Ethereum. INX token holders will also be entitled to 40% of the company’s net cash flow from operating activities, but not as shareholders.
The company, led by Alan Silbert, aims to create two trading platforms – for trading tokens-shares and for transactions with ordinary tokens.
INX also plans to obtain appropriate regulatory licenses and permits, including a license to operate a money transfer business, a US broker-dealer license and subsequent registration as an alternative trading system (ATS).
The company plans to obtain a license to manage a money transfer business to operate in eight US states by the end of 2019, and in “most” US states by the end of 2020.
“When we are fully launched, we expect to offer professional traders and institutional investors trading platforms with established operations that are common in other regulated financial services markets. In the future, the company intends to create a platform for trading derivatives, such as futures, options and swaps.”
Among other expenses, INX plans to use the proceeds from the sale of share tokens in various areas, including research and development (up to $8 million), sales and marketing (up to $2.93 million), regulatory direction (up to $3.2 million) and product development (up to $1.6 million).
Most likely, INX has every chance of obtaining SEC approval, since the regulator has already begun issuing permits to companies to publicly offer tokens. In July, the Commission approved the public offer of tokens of the Blockstack startup in the amount of $28 million, and two weeks later the SEC allowed the cryptocurrency gaming company Pocketful of Quarters to issue tokens without registration