Cryptocurrency IPO issuer INX announced that the acquisition of a security token offering the OpenFinance platform is almost complete.
According to an email sent to OpenFinance users, the parties are currently awaiting government approval to complete the change of ownership. INX – licensed by the US Securities and Exchange Commission – plans to launch its digital assets and stock trading platforms “in the coming months.”
The acquisition will result in the acquisition of INX broker OpenFinance and an alternative trading system or ATS, including all licenses, digital asset records, and customer base. This move is expected to quadruple the INX user base.
“The broker-dealer and the ATS business allows investors to trade security tokens on the OpenFinance platform,” said Shai Datika, President and Founder of INX.
“We now plan to start working in a few months after entering into [an agreement] with a cryptocurrency trading platform and a fully regulated stock trading platform.”
According to a December 2020 Security Token Group report, Openfinance is currently listing two token pairs with a total market value of nearly $ 27.7 million, or almost 7.4% of the total security token capitalization. However, the monthly volume of the entire platform was only $ 6,660.
INX plans to build on existing listings to announce future support for Diamond Standard tokens, Wave’s Kentucky Whiskey Fund, Klickown and Solidblock digital real estate platforms, and in-game currencies for the upcoming Pixelmatic MMO.
In December, securities tokens brought in about $ 2.7 million per month. However, 95% of the activity was done on the Overstock tZERO platform.