Acquisition Almost Complete
INX, the crypto IPO issuer, is on the brink of a major shift in the digital asset landscape with its impending acquisition of OpenFinance. A recent email to OpenFinance users revealed that they’re merely waiting for regulatory approval to finalize this ownership change. You know what they say, good things come to those who wait—or, in this case, those who submit their paperwork on time!
What This Means for INX
With this acquisition, INX will be gaining some serious clout. They will take over OpenFinance’s broker-dealer and alternative trading system (ATS) business, acquiring all the licenses and existing digital asset listings. Not to mention, their customer base is set to explode, potentially giving them a user base increase of four times over. Talk about a crypto glow-up!
The Vision Ahead
Shy Datika, president and founder of INX, couldn’t be more excited. He mentioned that the acquisition enables investors to trade security tokens on the OpenFinance platform. In the months following the deal’s closure, INX plans to roll out both a cryptocurrency trading platform and a fully-regulated securities trading platform. It’s like the Swiss Army knife of digital trading platforms—fully equipped for anything and everything!
Current Market Dynamics
As of December 2020, OpenFinance was hosting pairings for five tokens, with an overall market cap nearing $27.7 million. However, their monthly trading volume was only $6,660. Ouch! That’s akin to finding a penny in a million-dollar mansion. In comparison, security tokens pulled in around $2.7 million in monthly volume, but it was overwhelmingly concentrated on Overstock’s tZERO platform.
Future Plans for INX
But wait, there’s more! INX isn’t stopping at just what they inherit from OpenFinance. They’re eyeing collaborations with several upcoming projects, including the intriguing Diamond Standard, quite literally making waves with Wave’s Kentucky Whiskey Fund, and innovative digital real estate platforms like Klickown and Solidblock. They’re also gearing up to welcome an in-game currency from Pixelmatic’s much-anticipated MMO strategy game. Now that’s a menu worth exploring in this digital buffet!
