Crypto Exchange INX to Raise C$25M, List on TSVX for ‘Added Credibility’

Daniel Kuhn
·1-min read

INX Limited, a cryptocurrency exchange that went public through a token offering on Ethereum in 2020, is looking to raise an additional CAD $25 million (USD $19.6 million) in a new listing on the TSX Venture Exchange.

  • The company, which made history last year by conducting an initial public offering (IPO) on the Ethereum blockchain, said it intends to list on the TSXV for “added credibility.”

  • INX said the public reporting and transparency required by the TSVX listing will help it attract “Fortune 500 strategic partnerships and institutional investors.”

  • The plans were disclosed in a supplemental filing with the U.S. Securities and Exchange Commission on Feb. 25.

  • According to the filing, INX will offer 20 million shares priced at $1.25 CAD. Proceeds will go to research and development, sales, marketing, general expenses and M&A.

  • The exchange company, which acquired the alternative trading system OpenFinance last year, said its has a pre-money valuation of $225 million.

  • The INX exchange will debut in Q2 2021, according to the filing.

See also: How to Watch INX’s IPO in Real Time on the Ethereum Blockchain

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