Cryptocurrency platform INX raises $32m in Toronto

Shy Datika  / Photo: Eyal Izhar, Globes

The Israeli company had planned to raise over $100 million last year on Wall Street.

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.

Published by Globes, Israel business news - en.globes.co.il - on April 4, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Shy Datika  / Photo: Eyal Izhar, Globes
Shy Datika / Photo: Eyal Izhar, Globes
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