INX Limited, a digital asset platform that received approval from the US Securities and Exchange Commission to issue a digital security, says it has signed a letter of intent for its first issuer the Diamond Standard Coin. The tokenized asset is based on diamonds. The digital asset is waiting on regulatory approval to pursue a $25 million initial public offering for the commodity-based asset.
INX says the digital asset will make the $1.2 trillion market available to institutional investors for the first time. INX says that Diamond Standard recently announced its plan to launch an ETF on the NYSE under the ticker DIAM, and an agreement to list futures on the CME Globex via the MGEX.
INX expects to provide an electronic spot market for the Diamond Standard Coin. Investors who acquire a Diamond Standard Token on the INX platform will be transacting the physical commodity itself, and can take delivery of the Coin from the custodian in Delaware at any time. The company says the listing marks the first time a diamond commodity can be digitally traded on any U.S. based trading platform.
“Our proprietary trading technology was developed with the goal of transforming the future of finance with the trading of unique assets,” says Douglas Borthwick, CMO of INX. “The listing of the Diamond Standard Coin on the INX exchange pushes that vision forward, and we’re thrilled that both institutional and retail investors can now invest in the first fungible diamond commodity digitally.”
Cormac Kinney, founder and CEO of Diamond Standard, said they are delighte to partner with the INX platform to open up this market and provide the next generation venue for investors to trade their diamond commodities.
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