INX Limited, a Gibraltar-based stock and cryptocurrency trading platform, is preparing to complete its first IPO soon.
According to the announcement on Monday, April 22 will be the final day of the INX IPO, as the company plans to list the token on at least one public trading platform by the end of May 2021. INX plans to launch the INX digital trading platform shortly after. According to the company, the listing will expire.
INX launched an initial public offering in August 2020 with plans to raise up to $ 117 million as part of a U.S. Securities and Exchange Commission-approved security token offering.
Shai Datika, CEO of INX, said the company had “cemented its position as the first company to launch a digital security public offering listed on the Saudi Stock Exchange for both individual and institutional investors.”
INX did not specify how much the company obtained through the IPO. The company did not immediately respond to Cointelegraph’s request for comment.
As Cointelegraph previously reported, INX originally planned to complete its initial public offering by the end of 2020, raising $ 10 million by the end of October.
As part of the IPO, the company accepts payments in major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), as well as the US dollar pegged currencies (USDC). When INX introduced the cryptocurrency payment option in September 2020, Bitcoin and Ether were trading at $ 10,500 and $ 380, respectively. Both cryptocurrencies have made significant gains amid a major rally in the crypto market, up more than 500% since September, trading at $ 58,577 and $ 2,099 at the time of writing.
INX completes the IPO as Coinbase, the main cryptocurrency exchange in the United States, prepares to be included in the direct listing of stocks on the Nasdaq Global Select market. The company plans to start trading Class A shares under the symbol “COIN” on April 14th.