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Cryptocurrency platform INX raises $32m in Toronto

Israel Materials 5 April 2021 10:18 (UTC +04:00)
Cryptocurrency platform INX raises $32m in Toronto

With the cryptocurrency markets recording record highs, the Israel cryptocurrency platform INX raised C$39.6 million (US$32 million) on the Toronto Stock Exchange (TSX). The offering was conducted through a merger with a special purpose shell (similar to a SPAC) called Valdy Investments, at a market cap of C$220 million, post money. The company's shares will begin trading on the TSX once all the regulatory approvals are received.

The successful offering was completed after a planned IPO in the Us was postponed twice in 2020. At first, INX planned raising $130 million but then in August 2020 it cut the planned raised by 10% and now it has been forced to settle on a far lower sum.

Shy Datika is the founder controlling shareholder and president of INX.

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