INX Limited, a blockchain trading firm for digital securities and cryptocurrencies, has announced that it has finalized the acquisition of Openfinance. The news came after INX received approval from the Financial Industry Regulator Authority.
Shy Datika, the CEO of INX, stated, “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.”
A wholly-owned Subsidiary
Once the acquisition is complete, INX Limited will become the Openfinance’s broker-dealer/ATS operator, including its clients and security listings. However, Openfinance users who want to join INX will have the option of registering again by uploading their verification details.
By closing the acquisition, INX Limited will now have the chance to boost its functionality by integrating various upgrades. INX also expects to start listing the INX token on the virtual securities platform in July as soon as the upgrades and enforced.
The INX token is the first digital security IPO to be registered by the SEC and available to retail and institutional investors. INX is planning to offer innovative trading strategies and raise capital through financial instruments to various companies around the world.
INX Limited & Openfinance
INX Limited is a firm that offers a regulated trading platform for various investment vehicles such as cryptocurrencies and digital securities. On the other hand, Openfinance is a blockchain-based company in Chicago that offers a clearing and settlement platform that allows companies to raise capital through security tokens.
The two firms merging their offerings will be a strategic and innovative move for the trading sector. The journey towards the acquisition of Openfinance first came to be in October 2020 when INX decided to buy the whole operations of Openfinance and its alternative trading system (ATS).
By buying Openfinance, INX will give its clients both a crypto trading platform and a digital securities trading platform. The chief marketing officer and the head of business development at INX spoke of the development, noting that by offering security tokens and crypto trading together, the firm could overtake leading exchanges.
This acquisition is not the only strategic collaboration that INX Limited has made in recent months. Recently INX Limited partnered with GMO Trust to launch GYEN; the first regulated stablecoin pegged on the Japanese yen. The stablecoin would be launched through INX Digital, and it will be available to retail and institutional investors.