Crypto IPO issuer INX reportedly disclosed that its initiative to acquire security token platform OpenFinance has obtained all related papers, and is now awaiting regulatory green light to finalize the deal. 

Specifically, as stated via an email sent to OpenFinance clients, the parties are currently in the waiting period to obtain regulatory greenlight to finalize the ownership change. 

INX – a regulated entity with licenses secured from the US SEC – reportedly expects its crypto assets and securities trading platforms will be rolled out “in the next few months.”

The acquisition will reportedly mean OpenFinance’s broker-dealer and alternative trading network (ATS) business, including every license, digital asset listings, together with its client pool, will be under the management of INX, which can potentially result in a four-time increase, regarding its user base. 

Shy Datika, INX’s president and founder, reportedly claimed that “the broker-dealer and ATS business enables investors to trade security tokens on the OpenFinance platform.”

“Now we expect to go live a few months after closing [the deal] with both our cryptocurrency trading platform and a fully-regulated securities trading platform.”

Per insights from the Security Token Group’s December 2020 report, Openfinance at the moment supports pairings for five tokens – amassing an overall market cap of approximately $27.7 million, or around 7.4% of the total security token capitalization.