Yesterday INX, the company developing crypto and security token exchanges, announced it would commence its initial public offering (IPO) on Monday. The Gibraltar firm published its registration with the United States SEC. It is issuing up to 130 million security tokens at 90 cents, so up to $117 million. However, it will consider the IPO a success if at least $7.5 million worth of the Ethereum tokens are purchased within a year. At this time, the company has neither revenues nor a functioning product or service, nor the required licenses.
The tokens can only be bought by people that have complied with know your customer (KYC), so a smart contract checks whether potential purchasers are on a whitelist. Token holder identities will remain private apart from legal compliance.
The firm’s purpose is to develop at least two exchanges. The first, INX Digital is for cryptocurrencies, a space already occupied by more than 300 other platforms. And the second, INX Securities, is for trading security tokens. It also plans to get into derivatives.
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