INX plans to issue $ 130 million tokens with SEC approval

The INX cryptocurrency trading platform plans to raise up to $ 130 million through an initial offer of stock tokens registered with the US Securities and Exchange Commission (SEC).

This week, the hybrid company INX submitted to SEC a preliminary prospectus for the issuance of 130 million INX tokens based on Ethereum. Holders of INX tokens will also be entitled to 40% of the company’s cash flow from operating activities, but not as shareholders.

The company, led by Alan Silbert, aims to create two trading platforms – for trading stock tokens and for transactions with ordinary tokens.

INX also plans to obtain appropriate regulatory licenses and permits, including a license to manage a money transfer business, a license from a US broker-dealer and subsequent registration as an alternative trading system (ATS).

The company plans to obtain a license to manage a money transfer business for work in eight US states by the end of 2019, and in the “majority” of US states by the end of 2020.

“When we are fully launched, we expect to offer professional traders and institutional investors trading platforms with established operations common in other regulated financial services markets. In the future, the company intends to create a platform for trading derivatives such as futures, options and swaps. ”

Among other expenses, INX plans to use the proceeds from the sale of token stocks in various fields, including research and development (up to $ 8 million), sales and marketing (up to $ 2.93 million), regulatory (up to $ 3.2 million) and product development (up to $ 1.6 million).

Most likely, INX has every chance of getting SEC approval, as the regulator has already begun issuing permissions to companies to publicly offer tokens. In July, the Commission approved a public offer of Blockstack startup tokens in the amount of $ 28 million, and two weeks later the SEC allowed the Pocketful of Quarters cryptocurrency gaming company to issue tokens without registration.