Republic Acquires INX Digital in $60 Million Deal
Republic, a financial services firm based in New York City, has reached an agreement to acquire Canadian cryptocurrency trading company INX Digital Company (ticker INXDF) for a deal valued between $48.9 million and $60 million.
The acquisition, which is expected to close within the next eight months, will see Republic’s subsidiary purchase all outstanding shares of INX at a significant premium of 457% above the company’s closing price from Wednesday. At the time of writing, INXDF shares had surged 180%, reaching nearly $0.10.
The acquisition allows Republic, already a shareholder in INX, to integrate INX’s operations into its own, enhancing its blockchain investment services, including security token trading and the exchange of real-world assets. This move creates a streamlined path for Republic to raise capital and explore secondary market opportunities within the digital asset sector.
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INX’s CEO, Shy Datika, hailed the merger as a pivotal moment for digital finance, stating that the partnership will accelerate their shared vision of a fully regulated, tokenized economy. By combining INX’s expertise in security token and cryptocurrency trading with Republic’s global investment capabilities, the partnership aims to offer a comprehensive investment lifecycle in a regulated, scalable ecosystem, bridging traditional finance with blockchain technology.
This acquisition follows a partnership between the two firms in June 2023, when Republic invested $5.25 million into INX, acquiring a 9.5% stake. INX has built a regulated platform for trading cryptocurrencies and tokenized securities, including on-chain stocks from companies like Nvidia.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
