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INX Acquires Forex-Trader ILS Brokers for $4.75M
The deal is "another building block and touch-point" linking crypto with traditional finance, INX President Shy Datika said.
Updated Sep 14, 2021, 1:11 p.m. Published Jun 15, 2021, 12:00 p.m.
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Cryptocurrency exchange INX has acquired over-the-counter forex-focused trader ILS Brokers for $4.75 million.
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- ILS is an Israel-based broker with more than 50 relationships with major banks around the world, providing INX with global institutional reach, according to an emailed announcement Tuesday.
- The deal is "another building block and touch-point" linking crypto with traditional finance, INX President Shy Datika said.
- INX's acquisition of ILS follows soon after the purchase of alternative trading system Openfinance, which will allow INX to offer security tokens and crypto trading in tandem.
- "We believe that cryptocurrency non-deliverable-forward trading by global institutions will take the spotlight, especially given most institutions are looking for a way to trade cryptocurrency price volatility without the responsibility of actually holding the underlying assets," Datika said.
- Last year INX became the first company to complete a security token offering registered with the U.S. Securities and Exchange Commission. Its initial public offering kicked off on the Ethereum blockchain in September 2020, ultimately raising around $85 million from more than 7,200 investors.
Read more: Gemini Acquires Crypto Custody Firm Shard X
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