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INX Limited Completes Acquisition of Openfinance


INX Limited, which operates the first security token IPO cleared by the US regulators, announced on Tuesday that it completed the acquisition of Openfinance Securities, LLC, after receiving the approval from the Financial Industry Regulatory Authority (FINRA). According to the press release, the owner of blockchain-based platforms now operates Openfinance’s broker-dealer/ATS, including its listings and client base.

“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,” Shy Datika, CEO of INX, said in the announcement.

The change of ownership approved by FINRA allows INX to implement upgrades ahead of the INX token listing on the digital securities platform in July once those are implemented, the firm commented. Moreover, users registered in Openfinance could onboard onto the INX Digital platform by using their Openfinance verification credentials due to the acquisition.

Acquisition Plans

The plan of acquiring Openfinance was first announced in October last year, as INX agreed to purchase 100% of Openfinance’s broker-dealer and its alternative trading system (ATS).

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Based in Chicago with offices in New York and Pennsylvania, Openfinance offering is a clearing and settlement platform based on the blockchain that lets companies raise capital with security tokens. Additionally, it provides secondary market ‎liquidity for ICO tokens that are offered and sold as securities.

Recently, Finance Magnates reported that GMO Trust announced a partnership with INX Limited to bring the world’s first regulated Japanese yen-pegged stablecoin, GYEN, through its subsidiary INX Digital, Inc. GYEN will be offered to both retail and institutional investors, according to the announcement.

The maneuver also allowed INX to integrate GMO Trust’s USD-backed stablecoin, ZDUSD.

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Source: https://www.financemagnates.com/cryptocurrency/news/inx-limited-completes-acquisition-of-openfinance/

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