NEW YORK and TORONTO, April 1, 2022 - The INX Digital Company, Inc. (NEO: INXD) (the "Company"), the owner of digital asset trading platforms, is pleased to share our Corporate Quarterly Update. March has been a busy month for INX. Very busy. With new cryptocurrencies listed on INX Crypto, new payment options added to both platforms, a flurry of money transmitter licenses added to our license collection, the introduction of our generous referral program, and multiple engagement letters signed with future token issuers.
We will delve into more detail in this update regarding all these initiatives, each of which builds on our readiness for our crypto App release later this month. We have opined a number of times that the company is about to hit the global stage in a much larger capacity. Now we have laid the table and are ready to welcome newcomers to the INX platform that we have all built together over the past 12 months.
This month we welcomed listings of SAND, MANA and MATIC to the INX Digital platform. These tokens passed through our internal process and are now listed against the USD and other cryptocurrencies. We have a long list of protocol and other tokens to join them on INX Crypto and expect to see our offerings begin to rise considerably over the next few months; indeed, we expect to add LINK next week.
Moving money onto and off the platforms in a frictionless manner has been a priority for the team. If you can remember, when we acquired Openfinance, the only way to move funds onto the platform was via a wire transfer or through transferring ETH and waiting 3 working days. This was obviously not acceptable to any of us, and so we added ACH, and SWIFT for those outside the US. We also accelerated the transfer and exchange of ETH and USDC payments to less than 20 minutes, whatever the time of day or day of the week. Our token holders use this feature with great confidence, and we are extremely excited to have found a way to thread that needle.
Perhaps more exciting is the fact that when ETH, USDC and BTC are moved to INX Securities, any USD balances resulting from crypto sales are held in a bank account in the user's name at our third-party banking partner. This has been of great help to many users that have sought to cash out of cryptocurrencies on other platforms, yet have been stymied whenever they wanted to transfer USD funds back to their primary bank. It is certainly true that some traditional banks often have trouble with receiving funds from a crypto exchange, but we have yet to find issues when funds are transferred from one named bank account to another.
As you know, our securities platform is integrated with Metamask. Metamask usage has grown significantly, globally, and over the past week they added new functionality for converting global fiat into ETH via their wallet. Now you can add ETH to your wallet from a credit card and even ApplePay! A number of industrious community members have noted that with this functionality they are able to add ETH to their wallet via ApplePay, then send that ETH to INX Securities and have USD credited in their securities account in less than 15 minutes. While this is not yet instant, it has indeed come a long way from the 3 working days path of old!
As regards money transmitter licenses; this past month we added North Carolina, Idaho, Nebraska, and Mississippi. We now hold 38 US States and territories, representing around 67% of the US population. With our crypto business open to two-thirds of the US, and our securities business to 100% we are excited to launch our App in the coming month. As a reminder, the first App will be only for crypto trading, but our second App, expected this Fall, will incorporate both crypto and securities (primary raises and secondary trading).
Our referral program was introduced this past week and already we have noticed an uptick in onboarding. It is a multi-step process; beginning with registration, a deposit by the referred user, and then trading. We've already heard of numerous imaginative ways that our community is using their referral codes to attract new registrants and users. From adding the link to youtube videos, creating websites, sending emails to friends and family, and even enterprising college students going door to door in their dorms! Our referral program is an excellent way for anyone to earn additional income from spreading the INX message, and we are already excited by the results and the enthusiasm it is generating.
Our capital raising business has been firing on all cylinders, with 11 engagement letters sent to issuers and 5 already signed. This means our primary raises will soon begin and we are excited to introduce these issuers to the world. Of the signed engagement letters we have capital raises in the works for an App related to transportation, a bitcoin miner looking to distribute 50% of all bitcoin they mine, an OTC company looking to delist and trade on INX, a real estate-related token looking to delist from another exchange and list on our ATS, and an ESG play that is building a technology to convert waste into usable energy. We very much look forward to starting their journeys and bringing their communities to INX. More details will be shared as the process moves along. We have many more companies in our pipeline, and only send out engagement letters once a company is close to launch.
Finally, next week we will be hosting a booth at Bitcoin Miami 2022. It would be great to meet in person. So if you are around, please look for our Deputy Group CEO and COO Itai Avneri, CBO Douglas Borthwick, our Head of Business Development, and other team members. We will be ready to discuss our vision, the App, digital securities and all things crypto! Come visit us at booth #1203.
About The INX Digital Company, Inc.
The Company is the holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies, combining traditional markets expertise and an innovative fintech approach. The INX Group's vision is to be the preferred global regulated hub for digital assets on the blockchain. The INX Group's overall mission is to bring communities together and empower them with financial innovation. Our journey started with our initial public token offering of the INX Token in which it raised US$83 million. The INX Group is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA.
In addition to operating two regulated trading platforms for blockchain assets, the Company's interdealer broker, I.L.S. Brokers, plans to offer non-deliverable cryptocurrency forwards to Tier-1 banks in the future. For more information, please visit the INX Group website.
Cautionary Note Regarding Forward-Looking Information and Other Disclosures
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the NCIB and the terms of the NCIB, including the price and number of common shares that may be purchased. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including with respect to: the development of the digital asset industry. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to regulatory developments and general economic conditions. Accordingly, readers should not place undue reliance on the forward- looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
All information contained in this press release with respect to the corporate entities referenced herein was supplied, for inclusion herein, by the respective parties and each party and its directors and officers have relied on the other party for any information concerning the other party.
The NEO Exchange is not responsible for the adequacy or accuracy of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information
The INX Digital Company, Inc.
+1 855 657 2314
Chief Business Officer
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