Cryptocurrency News

INX Exchange Acquires OTC Forex Trader ‘ILS Brokers’.

Cryptocurrency exchange INX has acquired OTC [Over-the-Counter] forex-focused trader ILS Brokers for $4.75 Mln.

ILS is an Israel-based broker with over 50 relationships with major banks around the world, offering INX with global institutional reach, consistent with an emailed announcement earlier on Tuesday.

The deal is “another building block and touch-point” associated with crypto with traditional finance, INX President Shy Datika revealed.

INX’s acquisition of ILS follows soon after the acquisition of another trading system Openfinance, which will permit INX to offer security tokens & cryptocurrency trading in tandem.

“We believe that cryptocurrency non-deliverable-forward trading by global institutions will take the spotlight, especially given most institutions are trying to find how to trade cryptocurrency price volatility without the responsibility of truly holding the underlying assets,” Datika outlined.

INX earlier year became the primary company to finish an STO [Security Token Offering] registered with the United States SEC [Securities and Exchange Commission]. It’s IPO [Initial Public Offering] began on the Ethereum blockchain earlier in September last year, ultimately raising around $85 Mln from over 7,200 investors.

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