Yesterday token and cryptocurrency exchange firm INX published a U.S. Securities and Exchange Commission
registration for its first funding round as a sale of security tokens. The debate over whether blockchain-based tokens are securities as defined in U.S law is ongoing, but it appears that INX is not choosing a side. The firm aims to build two separate trading platforms – one for tokens designated as securities, one for tokens which are not.
INX is offering 130 million of its Ethereum (ERC20) based tokens as an investment, hoping to raise up to $129.5 million. They can also be used as payment for transaction fees on its upcoming trading platform for securities and come with a discount.
But the company still needs to get the required clearances. Gibraltar registered INX is awaiting approval from FINRA in the U.S. and sign off from the SEC on its prospectus. In Europe, it plans to seek approval from the Gibraltar Financial Services Commission. By accepting that some blockchain-based tokens are indeed securities, INX hopes to be a major institutional exchange for them.
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