INS Ltd. has announced Initial Public Offerings (IPOs) of $130 million, probably the largest ever in the blockchain sector. The launch is scheduled in April 2020, before which the INX wants to conduct a series of presentations to potential investors to make them aware of the IPO benefits. The series of presentations dubbed as ‘Roadshow’ was scheduled previously in the first month of January 2020 which was delayed due to the technical challenges in the launch.

The company wants to issue $130 million worth tokens (ERC-20 standard). The token holders will be entitled to have 40% of net cash flow but not as equity holders as per the company prospectus published on Monday. The IPO price is expected to be approximately between US$0.65 and US$1.15 per token.

INX is trying to get the relevant regulatory licenses and approvals including the broker-dealer license, money transmitter licenses and Alternative Trading Systems (ATS) as well.

INX, which intends to be the major trading platform for cryptocurrencies and security tokens in US wants to initiate with the launch of Initial IPO in the United States. The company has already filed the application with the US. Securities and Exchange Commission (SEC) under the hybrid company name INX Ltd.

Initially, INX planned to operate in 8 states of the US but now it wants to be operational throughout the U.S. by the end of 2020 as per the prospectus.

Noteworthy Details about the project 

It is noteworthy that INX has initiated the IPO launch before the pre-product stage which is generally done by well-established companies.

The startup plans to relocate its headquarters from crypto-friendly Gibraltar to New York. The shift will require BitLicense to function in the New York area.

INX tokens will be registered as Security Tokens with the Securities and Exchange Commission (SEC) of the US.

It has onboarded significant industry figures on its advisory board including Jameson Lopp (Casa Technical Director), Mark Yusko (Founder and CEO of Morgan Creek Digital).

INX aims to set up two separate trading platforms, one for trading security tokens and others for trading other digital assets. It also wants to add derivatives in the future.

INX wants to position itself as a fully compliant crypto exchange with mature attitude. That's why they have chosen IPOs instead of ICOs for approaching the public.

As per the Prospectus issued by the company:

“When fully operational, we expect to offer professional traders and institutional investors trading platforms with established practices common in other regulated financial services markets, such as customary trading, and settlement procedures , regulatory compliance, capital and liquidity reserves, and operational transparency. “It further states:

“In the future, the Company intends to establish a platform for the trading of derivatives such as futures, options, and swaps.”

More about INX Group

INS group is owned by Alan Silbert, (brother of Barry Silbert, founder of digital Currency Grp.) and David Wilde (Ex. Nasdaq Vice President).

INX Ltd is a, a Gibraltar-based private startup formed in 2017, led by industry professionals. Since its inception in 2017, it has been trying to develop unified trading solutions for crypto assets under one roof. 

Jayashree Ingle

CBW - External Analyst

INDIA