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The acquisition of OpenFinance has been completed. From now on, INX (INX) will be the official owner of the OPPENFinance brand.
In January, OpenFinance Group Ltd (OSF) (OSF: OX) announced that the company had entered into an agreement with INX Management Ltd (INX) (INX: INX) pursuant to which INX would acquire all of the issued and outstanding securities of OSF in a cash transaction valued at $15,000,000.00. In accordance with the terms of the agreement, on February 14, 2018, the requisite number of OSF shareholders entered into a share exchange agreement whereby they agreed to exchange all of their OSF securities, free of charge, into shares of INX. In accordance with the terms of the agreement, the securities of OSF were purchased by INX at a price per share
After a process that took several months, INX Limited has officially completed the acquisition of OpenFinance Securities. As a result of the acquisition, 60,000 OpenFinance customers will move to a new consolidated platform designed for digital assets and managed by INX. However, the benefits of the agreement are much greater: INX is also expected to sell its own digital shares in a record IPO in the near future.
Time of recording
The recovery process took almost nine months. However, the need for such an acquisition by INX became clear much earlier, when the company announced its intention to go public. The following is a brief timeline of the execution of the transaction. August 2019 – INX files an application with the Securities and Exchange Commission for its first token IPO. October 2020 – INX and OpenFin announce their intention to acquire the company January 2021 – Finalisation of the purchase conditions March 2021 – Completion of INX’s IPO, raising $125 million in capital. May 2021 – In July, digital INX securities will be listed on OpenFinance. June 2021 – The Financial Industry Regulatory Authority (FINRA) grants final approval for the acquisition.
After regulators finally gave final approval to the deal, INX CEO Shai Datika took time to comment. The acquisition of OpenFinance significantly accelerates our market entry in the field of digital securities. In addition to the exchange for cryptocurrencies, we offer investors a trading platform for digital securities. It is very interesting to offer so many digital services under one roof. We hope to have more in the future.
List of tokens
Now that final approval has been given, the last hurdle preventing INX tokens from being listed on the new consolidated platform has been removed. As mentioned above, these tokens are expected to be released in July 2021. The listing of these assets on secondary markets is essential to provide investors with the liquidity they seek. The above acquisition is essential as several competitors (Securitize, Archax, etc.) continue to make progress in developing their own offerings.
Cultivation of plants
Following INX’s successful IPO, we recently took a look at another blockchain-focused company that made this venture possible – SPiCE VC. SPiCE VC, which invests in early-stage startups in areas such as blockchain, saw INX as a prospect and added the company to its portfolio. Since the launch of the SPiCE venture capital fund, three companies have already gone public, and INX is one of them. SPiCE VC also offers its own digital effects known as SPiCE tokens. These regulated assets provide holders with exposure to companies within SPiCE VC’s portfolio/fund.OpenFinance, a blockchain technology-based lending ecosystem, has completed a successful fundraising and is now poised to launch its lending services, which will offer investors access to their creditworthiness and latest technologies.. Read more about openfinance review and let us know what you think.
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