INX Limited has completed the first-ever Securities and Exchange Commission-approved token sale event via an initial public offering.

According to a release issued by the company, the blockchain trading platform raised $85 million in gross proceeds from over 7,200 investors — both retail and qualified institutional actors. Details from the announcement show that the average of investors who participated in the token IPO was 42.

As previously reported by Cointelegraph, the SEC-registered INX was looking to wrap up its token IPO before the end of April. The company had previously penciled the end of 2020 as its initial date to conclude the token IPO.

Together with the $7.5 million from a previous private round and another 39.6 million Canadian dollars (about $32.2 million) in private placement equity on the Toronto Stock Exchange, the Gibraltar-based company has reportedly raised $125 million.

This sum is, however, subject to final confirmation from the TSX — for the placement equity round —  and is greater than the initial target set during its August 2020 IPO launch.

According to the announcement, crypto payments from Bitcoin (BTC), Ether (ETH), and USD Coin (USDC) accounted for more than half of the amount raised. INX said the investment sums received via cryptocurrency payments were converted to U.S. dollars.

The $125 million raised from the token IPO will be used to fund the creation of the company’s fully regulated trading platform for crypto and security tokens. The planned blockchain-based service will also allow client firms the opportunity to issue and sell tokenized securities.

Speaking to Reuters, INX co-founder Shy Datika expressed enthusiasm that the company’s token IPO will pave the way for other companies to issue SEC-approved security tokens.

In a conversation with Cointelegraph, the INX co-founder confirmed that the company already hadabout 30 companies looking to launch security tokens on its platform.

According to Datika, blockchain adoption is catching on across both retail and institutional investors.

Source :https://cointelegraph.com/news/blockchain-trading-platform-inx-completes-125m-sec-approved-token-ipo