This past month has brought some significant changes to INX, and we are excited to highlight them in our monthly review.
At the beginning of the New Year we announced the purchase of Tokensoft’s Transfer Agent. With this purchase we are able to begin our “nose-to-tail” security token business.
Soon we will announce primary offerings: Situations where we raise capital for companies through securities offerings (either public or private). We have many companies in our pipeline that have come to us to help them through all stages of the security token process. From website design to “invest now” buttons; from crypto currency acceptance with conversion to fiat, to token minting and distribution; from managing the “books and records” to the security tokens’ ultimate listing in the secondary market on our ATS. INX manages all these functions in a seamless choreographed sequence for issuers.
On January 10, we announced the completion of our long-awaited Reverse-Take-Over (RTO) of Valdy Investments. The transaction resulted in new funds totaling close to $31MM coming into the company, and resulting in our name changing to “The INX Digital Company.”
On January 24, The INX Digital Company made its public listing debut on Canada’s NEO stock exchange. If you remember, Canadian investors were not able to invest in the security token offering, but now with this listing, they are – through an equity investment. On the morning of our listing, Dow futures were down 1,000 points and cryptocurrencies were battered on all sides. We walked into an ambush! Regardless, we are now listed and live; as we increase market awareness, going forward we expect to see a growing realization of the opportunities that exist between the tokens and the equity.
Over the weekend of January 21-23, we sponsored Daytona Speedway’s “ROAR before the 24,” along with Rolex. This event gave us significant exposure both internationally and in Florida, a state in which residents can use both our cryptocurrency and securities platforms.
Last week we added the first of many cryptocurrencies that we discussed in December’s end of year note. Avalanche (AVAX) is now traded on INX Digital, and Decentraland (MANA) is up next later this month. We also opened up global trading in cryptocurrencies via API. We encourage you to share the API with everyone you know so that we can build further connectivity on the cryptocurrency side ahead of the launch of our cryptocurrency app by the end of Q1.
We continue to work in the background on a single and one platform approach. This will allow users to move between the cryptocurrency and securities platforms effortlessly with only one onboarding process and sign-on. This is expected to enter into development in the coming weeks, and we can share how it will look below.
We have listened thoughtfully to our token holders and users, and are delighted to roll out a new range of funding and payment options in February. Notably, the return of ACH payments to the securities platform, realtime conversion of cryptocurrency deposits into US dollars 24/7/365 to buy the INX Token and other digital securities, and SWIFT support for those outside of the US. Things are about to get faster, and more efficient as we remove friction throughout the investment process.
This month we celebrate our being a Canadian public company, we welcome Canadian equity investors interested in the digital future. We have finished preparing for our primary offering pipeline and we have begun adding new cryptocurrencies to our digital platform.
We are proud of what we’ve accomplished and look forward to what’s ahead!
Onwards and upwards,