Crypto exchange INX announces acquisition of OpenFinance

The Gibraltar-based cryptocurrency exchange INX, which has launched an initial public offering (IPO), announced the acquisition of Chicago broker-dealer OpenFinance Securities.

INX is going to acquire @OpenfinanceIO!

Click here to learn more about our unified vision of providing a safe and regulated ecosystem for listing and trading of digital assets >>> https://t.co/1skzLl4nrI

— INX Ltd. (@INXLimited) October 27, 2020

The INX president Shai Datika told Reuters that OpenFinance is valued at between $40 million and $70 million. According to him, such deals in a fast-growing market are the best way to move forward.

Besides its client base and license, INX will obtain an alternative trading system for trading of security tokens, which OpenFinance announced in 2018. Other terms of the deal were not disclosed.

INX founder is Alan Silbert, brother of Grayscale Investments CEO Barry Silbert. The project’s advisers act as a cypherpunk and Casa’s CTO Jameson Lopp, as well as Bitcoin maximalist and Blockstream’s Chief Strategy Officer Samson Mow.

As previously reported, during the IPO the crypto exchange plans to issue 130 million tokens at $0.90.

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