INX Limited has agreed to acquire U.S. broker-dealer Openfinance Securities, according to a press release shared with AtoZ Markets. INX will also buy Chicago-based Openfinance’s alternative trading system, digital asset listings, client base, and licenses.
October 27, 2020 | AtoZ Markets – INX Limited, the global blockchain-based platform for trading digital assets, announced Tuesday it has signed a term-sheet for the acquisition of Openfinance Securities LLC, a registered U.S. broker-dealer operating a registered FINRA/SIPC member, with an alternative trading system (ATS) (“Openfinance”).
Subject to the execution of definitive agreements, regulatory approvals, and other closing conditions, INX would acquire Openfinance’s broker-dealer and ATS business including its systems, digital asset listings, client base, and licenses. Openfinance is based in Chicago with offices in New York and Pennsylvania.
INX Limited to bolster its leadership position with Openfinance acquisition
INX aims to bolster its leadership position in the digital assets’ ecosystem with the acquisition of Openfinance, one of the pioneers of regulated trading platforms in this space. Openfinance listings include companies such as Blockchain Capital, Spice VC and Lottery.com. INX intends to assure continuity of operations and service to Openfinance’s customer base.
“Digital securities represent a new evolution in traditional capital markets. There are massive benefits of listing and trading digital assets versus traditional equities,” said Shy Datika, president and founder of INX. “Openfinance has pioneered this space and earned the respect of Wall Street, the blockchain community, and U.S. regulators. We are proud to add those incredible achievements to the INX portfolio – offering investors more access to liquidity.”
Openfinance CEO Jim Stonebridge stated that “INX and Openfinance share the same vision of providing a safe and regulated ecosystem for listing and trading of digital assets. We believe that regulatory oversight, combined with liquidity, will make digital assets the financial instrument of choice for companies and investors seeking to access and raise capital. The consolidation of two leading platforms will be the catalyst needed to move this industry forward.”
INX recently launched the first SEC-registered digital security IPO for both retail and institutional investors. INX plans to provide novel trading and capital raising financial instruments to enterprises and companies worldwide.
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