Republic, INX join forces to build blockchain infrastructure, expand tokenization
Quick Take
- As part of a deal announced Monday, Republic will invest $5.25 million in INX at a pre-money valuation of $50 million.
Financial firm Republic and U.S.-regulated broker-dealer INX are joining forces to build blockchain-based infrastructure and expand asset tokenization for primary and secondary markets.
As part of a deal announced Monday, Republic will invest $5.25 million in INX at a pre-money valuation of $50 million. After the transaction, Republic will own about 9.5% of the outstanding shares of INX, the companies said in a statement.
Republic and INX have also committed to enter into a non-binding term sheet that outlines a deal in which Republic will acquire 100% of INX common equity at a valuation of up to $120 million.
Primary and secondary markets
"By combining their expertise and resources in both TradFi (traditional finance) and DeFi (decentralized finance), both companies are poised to introduce a wide range of compliant solutions that cater to both primary and secondary markets while also building the underlying retail-focused infrastructure to support the needs of a booming digital economy," the companies said in the statement.
As part of the collaboration agreement, INX will offer tokenized asset services to Republic's portfolio of companies.
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