Crypto exchange INX, which recently launched its security token initial public offering (IPO), has crossed the minimum $7.5 million threshold imposed by the U.S. Securities and Exchange Commission (SEC).
The regulator wanted INX to raise the first $7.5 million of its up to $117 million IPO in dollars and not crypto. Now that the minimum requirement has been met, INX will start accepting bitcoin (BTC), ether (ETH), and USDC stablecoin, beginning September 14.
It means investors will be able to purchase INX tokens with these coins. INX has set the offering price at $0.90 per token with a minimum investment of $1,000. The offering is available in 14 U.S. states: California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Louisiana, Michigan, Minnesota, New York, Texas, Washington, Wisconsin, and Wyoming.
INX said over 3,000 retail and accredited investors registered for the INX token offering during its first three days.
The company plans to use IPO proceeds to continue developing INX Trading Solutions, a regulated exchange for cryptocurrencies, security tokens, and derivatives. Founded in 2017, Gibraltar-based INX first revealed its IPO plans in 2018 and filed a draft prospectus with the SEC in August 2019. The company is headed by Alan Silbert, brother of Digital Currency Group's founder Barry.