Gibraltar: INX Security Token Claims Largest Crypto IPO to Date

HM Government of Gibraltar has issued a statement welcoming Gibraltar-domiciled company INX, a digital securities issuer that is kicking off its security token offering this week.  Gibraltar is a self-governing and self-financing democracy that is a British Overseas Territory. The country has targeted the digital asset industry as a sector of finance it wants to encourage.

INX Limited filed an F-1 with the Securities and Exchange Commission (SEC) in 2019, which was subsequently approved in early 2020 its public sale of the digital asset is now available for investors. INX hopes to sell up to $117 million by selling 130 million INX tokens at a per digital asset price of $0.90.

INX Trading Solutions seeks to enable a single entry-point for the trading of cryptocurrencies, security tokens, and their derivatives. The INX team has enlisted a number of professionals from the traditional capital markets indusry.

Gibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP, commented on the INX offering:

“The news that the Gibraltar-domiciled INX platform has become the first SEC-cleared security token IPO is a hugely important moment for INX, but also for our jurisdiction’s burgeoning ecosystem. Here in Gibraltar, we continue to break new ground with regard to blockchain and crypto innovation, and INX has contributed significantly to this collective effort. I would like to congratulate the INX team who have worked relentlessly to reach today’s milestone.”

Shy Datika, founder and President of INX said their vision for INX and the INX Token required a solid foundation of regulatory clarity for security tokens and cryptocurrencies.

“Gibraltar’s regulators were ahead of other jurisdictions on forging a path in this respect, and so INX was glad to make it our home.”

Aaron Payas, Partner with Gibraltar based Hassans International Law Firm, added that it was a matter of pride for his firm that INX, an SEC-approved STO, is not a US entity but a Gibraltar company:

“This is an excellent development for the jurisdiction, the efforts of which in the DLT and wider fintech space are being validated by the successful filing of the INX security token – making a public offering of tokens in the US had long been the ambition of many projects in the industry, something that was thought by many to be impossible. We now know, as a firm, that it is not.”

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