Big Law

Global Trading Platform INX Acquires Chicago-Based Broker-Dealer Openfinance

NEW YORK (Reuters) – Global trading platform INX, currently in the midst of an initial public offering using its security tokens, will acquire Chicago-based broker-dealer Openfinance Securities, INX president and founder Shy Datika said.

The terms of the deal were not disclosed. But Datika said Openfinance raised about $25 million over the last three years and current valuations put Openfinance at a range of $40 million to $70 million.

INX, registered in Gibraltar but with most of its operations in the United States, would purchase 100% of Openfinance, including its broker-dealer and alternative trading systems business, which enables investors to trade security tokens on the Openfinance platform, Datika told Reuters in a phone interview.

Read the source article at reuters.com

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