On 26th August, INX Trading Solutions announced its first SEC approved security token. The crypto exchange, founded in 2017, aims to beat its competitors by building strong attachments with regulatory bodies and launching powerful technology offerings.
The company drew the online financial community’s attention by sharing the news through a popular chart intended as a joke. The tweet described the offering as ‘not yo mama’s ICO’ and offered a guaranteed cash flow share.
$130 Million-Worth SEC-Approved Security Token
Some crypto experts believe that the security token project has benefits that will protect INX from scams, especially scam-level ICOs like those that the company experienced last year. According to these experts, this project will continue advancing because it is entering the market just like top cryptocurrencies, which are currently accelerating in value.
Exchanges are amid the top-earning businesses in the cryptocurrency sector, and regulators have control over the crypto assets. Therefore, INX will help develop the industry by building good working relationships with the SEC. The trading solutions company will also get profits because of building its platform with the SEC.
INX confirmed that the Security and Exchange Commission (SEC) approved an offering of up to $ 130 INX security tokens. The firm has placed the offering price at $ 0.90 for each token. A minimum investment of security token is established at $1000. The offering officially took effect on 25th August 2020 at 10 a.m Eastern Daylight Time.
Proceeds Raised from the STO To Help Run INX
INX has plans for the net proceeds acquired from the sale of tokens in the offering. The firm will use these net proceeds to keep up the growth and operation of INX trading solutions. This trading solutions platform is regulated for the trading of blockchain assets, composing crypto security tokens and their derivatives, and creating a cash reserve fund.
SEC declared the registration statement on these securities valid on 20th August 2020. Although INX is yet to release the project’s final prospectus, the exchange’s users can get copies of the registration statement on the SEC website. These offerings are provided by employing a prospectus only. Users can also obtain free copies of the prospectus by visiting EDGAR on the SEC website or by sending an email to the commission.