INX leaps forward with announced Openfinance acquisition
We had some exciting news this week and I wanted to drill down and provide some color as to its importance. A few days ago we announced that we had signed a term sheet to acquire Openfinance, the true pioneer in digital securities trading. Openfinance was the first platform to trade security tokens. They spent many lonely years working with FINRA and the SEC to provide the first environment for companies to list tokens, and investors to trade them.
Their road was similar to INX’s. One fraught with new ideas, and an educational process for both themselves and the regulators. Over the past several years, Openfinance built a significant company and process that allowed for security tokens to trade hands in a regulated, secure manner. We have held them in high regard for many years, as they educated us and the public on security tokens and their benefits.
Over this time they accumulated market knowledge, a significant number of users, an excited client base, and an enviable pipeline of new issuers. Their broker/dealer and ATS for digital securities is one of only a handful legally operating in the space.
We plan to incorporate Openfinance under the INX umbrella as soon as possible. By adding their user base and client base to ours, we believe we have a good chance to be the most used and traded security token marketplace from day 1. In addition, by listing their current tokens alongside the tokens we will soon announce, we believe we will have the greatest number of security tokens listed by any platform in this space. And finally, with the addition of our INX Token to the combined platform, we will have security tokens that can be traded not just by accredited investors, but also by the general public from day 1.
INX is not a one trick pony by any means. By the time that our security token platform is operating under our INX User Interface, we expect our crypto trading platform will also be active, thus investors trading BTC and ETH will be able to also trade security tokens. In the past they needed to be accredited investors. Now, that will still be the case for some issues, but going forward we expect it will become less and less of an issue. Therefore, much as you can switch between asset classes on E*Trade, you will be able to do the same on the INX platform, and we expect to be sharing a demo of this platform with everyone by the end of next month.
When INX approached the SEC almost 1,000 days ago, our plan was to create security tokens that everyone could trade, and we executed on that plan launching our very own token. Now we begin the work of launching our crypto and security token trading platforms. Thankfully others have pioneered in this space before us, and we are able to move quickly in some directions through acquisitions. As our CEO noted in our last PR, we expect to close our IPO by the end of the year and launch soon after.
To get a greater sense of our vision for digital assets please check out our videos here.
To subscribe to the INX Token IPO please visit token.inx.co
And for more information on the company please visit inx.co
About the author:
Mr. Douglas Borthwick is Chief Marketing and Business Development Officer of INX Services. Mr. Borthwick has over 25 years of experience in the finance industry, most recently founding and building the Chapdelaine FX electronic and voice trading business for inter-dealer broker TP-ICAP from 2012 to September 2018. Mr. Borthwick held various roles with Morgan Stanley from 1996 through 2005; managing foreign exchange derivatives trading groups in New York and London, with a strong focus on emerging markets. He then ran the strategic trading desk at Merrill Lynch from 2005 to 2006, and the Latin American FX trading business at Standard Chartered from 2006 to 2009. In 2010, Mr. Borthwick managed trading and research areas for startup foreign exchange agency, Faros Trading, a company that was later sold to FXCM in 2013. Mr. Borthwick holds a bachelors of science in Economics from Carnegie Mellon University and an MBA from Yale University’s School of Management.
