The cryptocurrency exchange INX is all set to launch $117 million security token initial public offering (IPO) on August 24 or “shortly thereafter.” The yet-to-be-launched crypto exchange said it would issue up to 130 million INX security tokens at $0.90 each. The minimum investment size per investor would be $1,000. The crypto exchange plans to use the IPO proceeds to continue developing INX Trading Solutions, a regulated exchange for cryptocurrencies, security tokens, and derivatives. Several venture capital firms are now investing in crypto-related businesses.
The first security token offering registered with the SEC.
The Gibraltar-based crypto exchange, founded in 2107, first revealed its IPO plans in 2018 and filed a draft prospectus with the U.S. Securities and Exchange Commission (SEC) in August 2019. This IPO would be the first security token offering registered with the U.S. SEC. However, the offering is unusual as the company is still at a pre-product stage. Traditionally, IPOs are launched by established and revenue-generating companies. David Weild, a former vice-chairman of Nasdaq, is also part of the crypto exchange team.
Crypto adoption increases amid the pandemic in some countries.
Crypto adoption in some countries has surged amid the ongoing pandemic. As reported earlier, the bitcoin trading on Peer-to-Peer platforms witnessed rapid growth in recent months, with the African continent now the second-strongest region in the world for P2P volume just behind the United States. Since early this year, the sub-Saharan African continent has overtaken the Asia-Pacific, Eastern European, and Latin American regions to emerge as the second-strongest P2P market by a volume margin of more than 50%.
According to the map published at Blockchaincenter.net, Google Trends data shows that the bitcoin dominates search interest in Africa. India also reported a huge surge in P2P bitcoin volume trading last month.