Gibraltar-based INX becomes first SEC-cleared security token IPO
HM Government of Gibraltar today welcomed the news that Gibraltar-domiciled company INX has become the first security token IPO cleared by the U.S. Securities and Exchange Commission (SEC).
Established in 2017, INX’s mission is to accelerate the proliferation of regulated digital asset opportunities to institutions, as well as retail investors, while developing its suite of bespoke INX Trading Solutions to enable single entry-point for their customers for the trading of cryptocurrencies, security tokens, and their derivatives. The INX team comprises a number of professionals from the regulated trading, capital markets, and blockchain spheres.
Having filed an F-1 Form – a securities registration for non-U.S. issuers – with the Securities and Exchange Commission (SEC), under the SEC filing code INX F-1, a registration statement relating to these securities has now become effective. Based on the filing, the $117 million is set to be the largest crypto IPO in history, with 130 million INX tokens available at $0.90 each.
Gibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP, said, “The news that the Gibraltar-domiciled INX platform has become the first SEC-cleared security token IPO is a hugely important moment for INX, but also for our jurisdiction’s burgeoning ecosystem. Here in Gibraltar, we continue to break new ground with regard to blockchain and crypto innovation, and INX has contributed significantly to this collective effort. I would like to congratulate the INX team who have worked relentlessly to reach today’s milestone.”
Shy Datika, Founder and President of INX commented, “Our vision for INX and the INX Token required a solid foundation of regulatory clarity for security tokens and cryptocurrencies. Gibraltar’s regulators were ahead of other jurisdictions on forging a path in this respect, and so INX was glad to make it our home.”
Aaron Payas, Partner with Gibraltar based Hassans International Law Firm continued, “It is a matter of some pride for Hassans, INX and for Gibraltar that the first security token offering approved by the SEC for distribution to the US public isn’t a US entity – it is a Gibraltar company, constituted and operating under the Laws of Gibraltar. This is an excellent development for the jurisdiction, the efforts of which in the DLT and wider fintech space are being validated by the successful filing of the INX security token – making a public offering of tokens in the US had long been the ambition of many projects in the industry, something that was thought by many to be impossible. We now know, as a firm, that it is not.”
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