INX Limited, the owner of blockchain-based trading platforms for digital securities and cryptocurrencies, announced its Board of Directors has authorized a token repurchase program under which the Company may repurchase up to $5 million of its outstanding INX Tokens.
The Company intends to begin the program on or around January 1, 2022 and the program will last through the end of December 2022 or until $5 million of INX Tokens have been repurchased and retired. The timing and actual number of INX Tokens repurchased will depend on a variety of factors including price, general business and market conditions, alternative investment opportunities and applicable regulatory requirements.
Under the repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases, all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. The repurchase program does not obligate the Company to acquire any particular amount of tokens, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.
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INX owns regulated trading platforms for digital securities and cryptocurrencies, combining traditional markets expertise and an innovative fintech approach. INX’s vision is to be the preferred global regulated hub for digital assets on the blockchain. INX’s overall mission is to bring communities together and empower them with financial innovation. INX’s journey started with its initial public token offering of the INX Token in which it raised US$83 million. INX is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA.
In addition to operating two regulated trading platforms for blockchain assets, its interdealer broker, I.L.S. Brokers, plans to offer non-deliverable cryptocurrency forwards to Tier-1 banks in the near future.
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