Republic buys stake in INX for $50M valuation.
The New York-based digital asset broker-dealer, INX (INXDF), has received a $5.25 million investment from investment firm Republic. Republic has an option for a full buyout later this year. Republic is set to acquire around a 9.5% stake in INX at an approximate $50 million pre-money valuation, with a “non-binding” commitment to acquire 100% of equity at a valuation of $120 million as early as the third quarter of this year. The initial deal is expected to close within 60 days, subject to regulatory approval.
The two firms aim to expand the breadth and depth of tokenization infrastructure and access to digital assets for investors worldwide, according to an emailed announcement on Monday. Republic, also headquartered in New York, is a digital merchant bank operating retail-focused investment platforms, backed by Galaxy Interactive and Morgan Stanley among others. The integration of INX’s digital asset coverage into Republic’s platforms could present a major expansion in crypto trading capabilities on offer to a large traditional finance client base.
“By integrating INX’s digital trading infrastructure for financial markets with Republic’s expertise in primary distribution, we are redefining the way capital is raised and empowering both institutional and retail investors globally,” said Kendrick Nguyen, CEO of Republic in the statement.
Read More: Expect Ripple Deal to Set Off Crypto Custodian M&A, Says Advisory Firm
- PEPE’s steady ascent fuels profit speculation.
- AI and blockchain have a symbiotic relationship, says Animoca Brands CEO.
- JPMorgan says Hinman Documents release in SEC-Ripple case boosts Ether.
Edited by Aoyon Ashraf.
