INX, a blockchain entity partly owned by the former Anyoption CEO Shy Datika, is eying to hit the market with its landmark initial public offering (IPO) in April.
Reported by Coindesk on Friday, the crypto and security token firm has already hired a European investment bank as the lead underwriter for the IPO.
INX first revealed its decision to approach the United States market with a $129.5 million IPO, approaching the Securities and Exchange Commission (SEC) with a draft prospectus.
Headquartered in Gibraltar, the company is also planning to move its base to New York. The transition is already underway, and the company has already approached the New York State Department of Financial Services (NYDFS) for obtaining BItLicense.
A landmark crypto IPO
If approved by the market regulator, INX will be the first blockchain company to approach the open market with an IPO of this magnitude.
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The crypto exchange is offering to sell 130 million INX tokens, which are developed on the ERC-20 standards. According to the previous SEC filing, the token holders will be entitled to 40 percent of the company’s cash flow. However, they will not be the equity holders of the firm.
Resembling preferred shareholders, the token holders will have the priority to receive payment in the event of liquidation of the company.
Though categorized as a security token, INX tokens can be used on the platform for utility purposes, including payment of transactional fees.
The recent report also outlined that the crypto company has tapped two custodian companies – Anchorage and BitGo – for storing digital assets. The name of BitGo is also included in the SEC filing.
The crypto exchange is also backed and advised by prominent financial industry leaders. Datika, the co-founder of Anyoption, is one of the co-founders of the exchange and owns 29 percent of it.