Digital Assets: INX Token Initial Public Offering Said to be Approved

In August of 2019, INX Limited filed a registration statement (Form F-1) for an initial public offering (IPO) offering 130,000,000 INX Tokens, and ERC20 compliant digital security.  In the preliminary prospectus, each INX Token is said to entitle its holder to an annual pro-rata distribution of 40% of the company’s net cash flow from operating activities, excluding any cash proceeds from an initial sale by the Company of an INX Token.

CI is now hearing that the registration statement has been approved, or will soon be approved, by the Securities and Exchange Commission (SEC), according to information provided by someone with knowledge of the matter.

The most recent preliminary filing is available here.

INX is developing a regulated solution for trading digital assets that is expected to initially include a cryptocurrency trading platform operated by INX Digital, Inc., a wholly-owned subsidiary. This entity has obtained money transmitter licenses or otherwise qualified to operate in 7 US states. The intent is to be licensed or qualified to operate in most US states by June 2021.

The company’s vision is to establish two trading platforms and a security token that provides regulatory clarity to the blockchain asset industry.

Over time, INX says it will:

(1) differentiate between security and non-security blockchain asset classes and providing trading opportunities for each class;

(2) obtain appropriate regulatory licenses and approvals, including money transmitter licenses, a U.S. broker-dealer license and subsequent registration as an ATS;

(3) issue its own security token, the INX Token, and maintaining the INX Registry, which reflects a real time list of INX Token holders;

(4) require that all INX Token holders comply with KYC/AML procedures; and

(5) grant certain rights and benefits to the holders of INX Tokens.

INX expects to utilze BitGo for storage/custody of digital assets.

In the filing, INX states:

“When fully operational, we expect to offer professional traders and institutional investors trading platforms with established practices common in other regulated financial services markets, such as customary trading, clearing, and settlement procedures, regulatory compliance, capital and liquidity reserves and operational transparency.”

INX is managed by a group of veteran financial services executives.

INX Executive Managing Director Alan Silbert has over 20 years of experience in financial services, most recently as Senior VP of Capital One Commercial Banking.

David Weild, well known in the securities crowdfunding sector and former Vice Chairman of NASDAQ, is a Director of INX.

INX is incorporated in Gibraltar, a digital asset friendly jurisdiction. Wholly owned subsidiaries INX Digital and INX Services are Delaware corporations.

The offering is seeking a minimum of $7.5 million or a maximum of $116.5 million at a per token price of $0.90.

More to follow.

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