INX to launch a $117 million IPO at the end of August

The Gibraltar-based cryptocurrency exchange INX will conduct an initial public offering (IPO).

INX Limited Announces Launch of Security Token IPOhttps://t.co/FWtDyXwyOR

— INX (@INXLimited) August 20, 2020

The IPO is slated to begin on August 24. The exchange plans to issue 130 million tokens at a price of $0.90. The minimum investment will be $1,000.

The funds raised will be used to develop the INX Trading Solutions platform for digital-asset trading, and to establish a reserve fund to insure against risks.

According to the documents filed with the U.S. Securities and Exchange Commission (SEC), INX tokens are a hybrid — both utility and security tokens. Holders will be able to use them to pay trading fees on the platform and as shares.

Earlier, venture investor and well-known Bitcoin advocate Tim Draper said that an IPO is not the most suitable form of capital-raising for blockchain companies.

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