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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.