INX to raise up to CA$25 million through TSXV IPO

INX, the cryptocurrency exchange that launched its Ethereum-based initial public offering (IPO) on the Ethereum basis, plans to seek a listing in the Toronto Stock Exchange Venture (TSXV) section for venture companies. This is said in the additional materials for the U.S. Securities and Exchange Commission (SEC).

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The amount to be raised could reach up to CA$25 million (about $19.6 million). The funds will be allocated to research and development, sales, marketing, general expenses, as well as mergers and acquisitions.

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Based in Gibraltar, INX will offer 20 million shares at CA$1.25 apiece (about $0.98). Trading on the TSXV could begin in the second quarter of 2021.

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According to the document, the initiative is aimed at “increasing trust.” The required level of disclosure for listing on the TSXV will allow “establishing strategic partnerships with Fortune 500 companies and institutional investors.”

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In October, INX announced the acquisition of the Chicago-based broker-dealer OpenFinance Securities.

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Subsequently, INX filed an application to list its digital shares on the Canadian Securities Exchange (CSE).

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According to Bloomberg, in March a crypto-friendly platform Robinhood could file for an IPO.

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Similar plans may be pursued by the leadership of the Bitcoin exchange Kraken.

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Earlier on February 25, 2021, the SEC approved Coinbase’s application for a direct listing of its shares.

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