INX Limited has announced that the Securities and Exchange Commission (SEC) confirmed the effectivity of its most-awaited INX security token’s initial public offering (IPO) happening on August 25, 10:00 am (EDT).
Up to 130 million INX security tokens are set to be offered to the public at the price of $0.90 per unit, with a minimum investment of $1,000. Out of the 200 million capped supply, participants can acquire these ERC-20 standard tokens during its token sale event tomorrow.
Two years in the making, INX’s IPO is an exciting milestone for the blockchain industry as it is the first-ever security token offering (STO) issuance made with SEC approval. This means that INX tokens can be traded in the US under the securities category.
Moreover, if INX succeeds in reaching its target of $117 million, this will be one of the largest IPO to date for a digital asset firm.
Led by its President and Co-Founder Shy Datika, INX began its operations in 2017. Making progress, in January 2018, its team filed the world’s first F-1 prospectus for a fully-registered security token IPO with the aim of establishing an evolutionary financial trading market.
Proceeds from the said offering will be utilized for the continued development and operations of the INX trading platform and the establishment of a unique and exclusive cash reserve fund (approximately $70 million) for the stability and liquidation benefits for INX token holders.