Crypto Exchange INX to Raise C$25M, List on TSVX for ‘Added Credibility’

INX Limited, a cryptocurrency exchange that went public through a token offering on Ethereum in 2020, is looking to raise an additional CAD $25 million (USD $19.6 million) in a new listing on the TSX Venture Exchange.

The company, which made history last year by conducting an initial public offering (IPO) on the Ethereum blockchain, said it intends to list on the TSXV for “added credibility.”

INX said that the public reporting and transparency required by the TSVX listing will help it attract “Fortune 500 strategic partnerships and institutional investors.”

The plans were disclosed in a supplemental filing with the U.S. Securities and Exchange Commission on Feb. 25.

According to the filing, INX will offer 20 million shares priced at $1.25 CAD. Proceeds will go to research and development, sales, marketing, general expenses and M&A.

The exchange company, which acquired the alternative trading system OpenFinance last year, said its has a pre-money valuation of $225 million.

The INX exchange will debut in Q2 2021, according to the filing.