Republic Acquires Stake in Crypto Exchange INX
Fintech company Republic has announced the purchase of a 9.5% stake in digital securities and cryptocurrency trading platform INX for $5.25 million at a $50 million valuation.
After regulatory approval is secured, the deal is expected to close within the next 60 days, and Republic has the option of repurchasing the remaining shares of INX at a $120 million valuation no earlier than the third quarter of 2023.
The press release for the agreement states that combining the resources of the established TradFi and DeFi industries will enable the companies to create a range of interoperable solutions for the primary and secondary markets, along with a retail-oriented core infrastructure.
Specifically, Republic adds that integration of INX solutions will result in its product line being able to trade digital assets.
Additionally, the deal also covers asset tokenization services for Republic’s portfolio companies as well as the placement of security tokens on INX ATS accurate and functional trading for 24/7/365.
