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INX Ltd., the company behind a cryptocurrency and securities token exchange by the same name, is going public. After spending over two years to prepare all the necessary paperwork and receive the approval of the U.S. Securities and Exchange Commission (SEC), the company will most likely hold its initial public offering (IPO) next month, hoping to attract as much as $130 million in funds. If it does, it could be the largest registered securities sale ever in the blockchain space. The company is currently headquartered in Gibraltar, but is preparing to relocate to New York in order to put its ultimate plan in motion. By doing so, it will also need to seek approval by the New York Department of Financial Services and secure a BitLicense, a process INX indicates in its prospectus it has already started. The BitLicense is not a requirement for the securities sale, but it is in order to operate in the state. The money brought in by the IPO would be used to fund a new INX Digital crypto exchange, as well as a new INX Securities security token platform. To facilitate those operations, the company has already established agreements with Anchorage and BitGo to act as custodians for its clients. It has also brought in Tokensoft to provide technical advisory support and Quantstamp to audit INX’s smart contract code. The SEC didn’t come forth and overtly approve the endeavor; however, it didn’t provide any comments by the end of the requisite period, which ended in December. As a result, INX was, by default, given the authority to proceed. It adds in its SEC filing about the IPO, “We will not complete the sale of any INX Tokens unless we raise gross offering proceeds of $7,500,000 from this offering (in U.S. Dollars) within one year from the date of this prospectus, which we refer to as the minimum offering requirement. See ‘Plan of Distribution.’ Pending satisfaction of this condition, all subscription payments will be promptly transmitted to Metropolitan Commercial Bank, which has agreed in writing to hold all such funds in escrow for the persons who have beneficial interests therein (the ‘Escrow Agent’). Tokens are going to be listed in INX’s security platform, as well as on other exchanges. Purchasers will receive a share of the company’s profits and will be ahead of equity investors in the event things don’t work out and the company has to file for bankruptcy. To help with the offering, INX has secured money transmitter licenses from eight states, which will allow the company’s crypto exchange to receive fiat, as well as manage crypto-to-crypto transactions.