300 Investors Contribute to INX's Ethereum-Based IPO, With More Waiting

Three hundred investors have ponied up funds for the initial public offering (IPO) of crypto exchange INX, according to Etherscan.

By Nate DiCamillo

Oct 13, 2020 at 9:30 p.m. UTC

Updated Sep 14, 2021 at 10:09 a.m. UTC

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Three hundred investors have ponied up funds for the initial public offering (IPO) of crypto exchange INX, according to Etherscan.

The Ethereum blockchain also shows more than 650 transactions where investors have been whitelisted or registered. (The true number of registered investors could be higher because of how long the know-your-customer (KYC) process takes.)
According to Douglas Borthwick, chief marketing officer and head of business development at INX, the sale has seen interest from retail, accredited and institutional investors.
Doing an IPO on-chain gives the public, and INX itself, a novel outlook on the process, which traditionally has been a back-room affair.
Traditionally, to get information on who beneficially owns an interest in securities held at central securities depositories like the Depository Trust Company, investors or issuers would have to go to the investment banks or broker-dealers who coordinated the sale.
Because INX is self-issuing and national exchanges cannot list digital securities, the sale is only available in 15 states in the U.S. The exchange is also selling tokens to investors abroad.

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