INX (INXDF), a digital asset broker-deal based in New York, has received a $5.25 million investment from Republic, an investment firm. Republic will acquire a 9.5% stake in INX at a pre-money valuation of approximately $50 million, with a non-binding commitment to acquire 100% of equity at a valuation of $120 million as early as the third quarter of this year. The closing of the initial deal is expected to be within 60 days, pending regulatory approval.
The two firms aim to expand the breadth and depth of tokenization infrastructure and access to digital assets for investors worldwide, according to an emailed announcement on Monday. Republic, also based in New York, is a digital merchant bank operating retail-focused investment platforms, backed by Galaxy Interactive and Morgan Stanley among others. The integration of INX’s digital asset coverage into Republic’s platforms could therefore provide a major expansion in crypto trading capabilities for a large traditional finance client base.
By integrating INX’s digital trading infrastructure for financial markets with Republic’s expertise in primary distribution, we are redefining the way capital is raised and empowering both institutional and retail investors globally, said Kendrick Nguyen, CEO of Republic in the statement.