Through an IPO, INX Limited completed the first token sale event permitted by the Securities and Exchange Commission. The gross revenue from this blockchain trading platform was $85 million. The company said in a news statement that it received donations from more than 7,200 people, including accredited institutional investors and average investors.
According to the release’s details, the token IPO saw an average of 42 investors participate. As Cointelegraph previously reported, the SEC-registered INX intended to finish its token IPO by the end of April. As a result, the company had initially anticipated finishing the token IPO by the end of 2020.
The Gibraltar-based company is also said to have raised $125 million. The $7.5 million from an earlier private transaction is included in the total amount raised, along with an additional $32.2 million (or 39.6 million Canadian dollars) in private placement stock on the Toronto Stock Exchange.
In the meantime, this sum exceeds the fundamental goal announced at the beginning of the company’s IPO in August 2020. The placement equity round, it is still pending final confirmation from the TSX.
The $125 million raised from the token IPO will be used to build the company’s fully regulated trading platform for cryptocurrency and security tokens. Client organizations would have the option to generate and market tokenized assets thanks to the envisioned blockchain-based service. The co-founder of INX, Shy Datika, expressed his joy to Reuters about the prospect of more companies issuing SEC-approved security tokens.
About 30 companies have already expressed interest in releasing security tokens on the company’s platform, the co-founder of INX told Cointelegraph. Finally, institutional and individual investors are beginning to use blockchain technology, claims Datika.