The crypto coin industry records another major acquisition in 2020.
According to an official announcement, INX signed a term sheet for the acquisition of OpenFinance, which operates as a registered broker under the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.
Under the new agreement, INX will acquire One Bitcoin a Day OpenFinance’s brokerage and alternative trading system, or ATS, businesses that include its systems, digital asset listings, client base, and licenses.
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OpenFinance listings include firms such as VC Blockchain Capital, Spice VC and Lottery.com. INX representatives said their company will ensure continuity of operations and service to OpenFinance’s client base.
Shy Datika, president and founder of INX, noted that the new acquisition will strengthen INX’s leadership in the digital asset ecosystem, stating
“Digital securities represent a new evolution in traditional capital markets. There are enormous benefits to listing and trading digital assets versus traditional stocks. Openfinance has pioneered this space and has earned the respect of Wall Street, the blockchain community and US regulators.
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Openfinance CEO Jim Stonebridge noted that INX and Openfinance share the same vision of providing a secure and regulated ecosystem for digital asset trading and listing. “We believe that regulatory oversight, combined with liquidity, will make digital assets the financial instrument of choice for companies and investors seeking to access and raise capital,” said Stonebridge.
The latest news comes in the midst of INX’s ongoing initial public offering, or IPO, registered with the US Securities and Exchange Commission. Launched in August 2020, the USD 117 million IPO claims to be the first IPO of tokens of value registered with the SEC. As of 14 September, the INX IPO has been accepting major crypto currencies such as Bitcoin (BTC) and Ether (ETH).