INX Announces Sale of I.L.S. Brokers Ltd. to Focus on RWAs
The INX Digital Company, Inc., a leader in the digital securities and cryptocurrency trading space, has announced the sale of its indirect subsidiary, I.L.S. Brokers Ltd. (ILSB), to a UK-based global financial services firm. The transaction, valued between $4 million and $5 million, is expected to close on or around November 30, 2024.
ILSB, acquired by INX in 2021, operated as an interdealer broker for traditional assets. The decision to sell ILSB reflects INX’s strategic focus on advancing its Real-World Assets (RWA) trading platform, which enables the trading of tokenized assets tied to real-world goods and services. By divesting from ILSB, INX is reallocating resources to strengthen its leadership in the regulated digital asset ecosystem.
Shy Datika, CEO of INX, emphasized the significance of the sale, stating: “This sale underscores our strategic focus on the Real-World Assets market and the potential it holds for future growth. By reinvesting the proceeds from the ILSB sale, we are accelerating our efforts to expand INX’s footprint in the RWA trading platform, providing our users with even more opportunities to engage with innovative financial products.”
The proceeds from the sale will be directed towards enhancing INX’s RWA platform, enabling more seamless and secure trading experiences for users. Additionally, a portion of the purchase price will be held back for 12 months to cover any potential indemnification claims under the share purchase agreement.
This transaction is a key part of INX’s broader strategy to prioritize the growing demand for regulated digital assets, while driving innovation in capital markets. The company is committed to expanding access to capital markets for its global community of traders and investors by leveraging blockchain technology within a regulated framework.
INX’s ongoing mission is to redefine capital markets by offering cutting-edge solutions to modern financial challenges. The company’s vision is to become the preferred global regulated hub for digital assets, empowering communities with financial innovation.
About INX
INX provides regulated trading platforms for digital securities and cryptocurrencies. Combining traditional market expertise with a fintech-driven approach, INX is led by a team of finance and technology veterans aiming to reshape capital markets through blockchain technology. INX operates within a regulated environment under the oversight of the SEC and FINRA.
Photo by Eutah Mizushima on Unsplash
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