Cryptocurrency exchange INX plans to raise $19.6 million through a listing on the Toronto stock exchange TSVX.
March 1, 2021 | AtoZ Markets – Cryptocurrency exchange INX, which launched an initial public offering (IPO) based on Ethereum in 2020, plans to be listed in the VC section of the Toronto Stock Venture Exchange (TSVX). This is stated in additional materials for the US Securities and Exchange Commission (SEC) .
The funds raised can be up to CAD $25 million ($19.6 million) and will be used for research and development, sales, marketing, general expenses, and mergers and acquisitions.
Gibraltar-based INX will offer 20 million shares at a price of 1.25 Canadian dollars (0.98). Trading on TSVX may start in the second quarter of 2021.
According to the document, the initiative is aimed at “increasing confidence.” The level of disclosure required by the TSVX listing will enable it “to establish strategic partnerships with Fortune 500 companies and institutional investors.”
As AtoZ Markets reported in October, INX announced the acquisition of Chicago-based broker-dealer OpenFinance Securities. INX later applied to list its digital shares on the Canadian Stock Exchange (CSE).
According to Bloomberg, digital-asset- friendly Robinhood platform could apply for an IPO in March.
Similar plans can be made by the management of the Kraken bitcoin exchange.
As a reminder, on February 25, 2021, the SEC approved Coinbase’s application for a direct listing of shares.
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