The operator behind the first security token initial public offering (IPO), INX Limited, announced today that it has successfully concluded its acquisition of Openfinance Securities LLC – after obtaining all necessary approvals from the Financial Industry Regulatory Authority (FINRA).
The triumphant result of INX’s manoeuvre to acquire Openfinance is a major boon for them as it opens up an opportunity to execute a number of upgrades to the current platform. INX plans to list its INX token on the tokenized securities platform once those upgrades have been finalized – which is expected to happen in July.
“The acquisition of Openfinance accelerates our time to market considerably in the digital securities space. In addition to the cryptocurrency exchange, we offer a digital security trading platform to investors. It is exciting to offer so many digital services under one roof. We look forward to adding more in the future,” said INX’s Chief Executive Officer, Shy Datika.
The acquisition – which was first announced in October 2020 – also means that INX is now in full control of Openfinance’s broker-dealer operation, as well as its alternative trading systems (ATS). This should not pose any problems for Openfinance’s existing users as they will be given the option to join INX’s platform using their Openfinance user credentials.
In conclusion, this brings INX a step closer to its vision of providing a resourceful and more accessible means of capital raising for enterprises all around the world. It also brings the benefits of the digital assets world to the legacy financial services industry.