INX, a blockchain exchange network, has completed a $125 million SEC-approved coin IPO.

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INX is said to have received $125 million in funding from investors in order to develop a fully operated trading network for crypto and security tokens.

INX Limited has completed the first-ever Securities and Exchange Commission-approved token selling case with an IPO.

According to a release issued by the company, the blockchain trading platform raised $85 million in gross proceeds from over 7,200 investors — both retail and qualified institutional actors. Details from the announcement show that the average of investors who participated in the token IPO was 42.

Cointelegraph previously announced that the SEC-registered INX hoped to complete its token IPO by the end of April. The group had previously set the end of 2020 as the target date for the token IPO.

The Gibraltar-based company has recently raised $125 million, including $7.5 million from a prior private round and another 39.6 million Canadian dollars (about $32.2 million) in private placement funding on the Toronto Stock Exchange.

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This amount is subject to final approval from the TSX — for the placement equity round — and is higher than the original goal set during the company’s August 2020 IPO launch.

Crypto transfers from Bitcoin (BTC), Ether (ETH), and USD Coin (USDC) accounted for more than half of the total received, according to the statement. The investment amounts earned via cryptocurrency payments were translated to US dollars, according to INX.

The $125 million raised in the token IPO will go into the creation of the company’s fully controlled trading network for crypto and security tokens. The proposed blockchain-based service would also allow client companies to issue and sell tokenized securities.

Speaking to Reuters, INX co-founder Shy Datika expressed enthusiasm that the company’s token IPO will pave the way for other companies to issue SEC-approved security tokens.

The co-founder of INX reported that the company already has around 30 companies interested in launching security tokens on its website.

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Blockchain adoption is gaining traction among both retail and institutional investors, according to Datika.

 

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